Special Correspondence (Nairobi)
This is perhaps the best-hidden secret of emerging Africa, in the making, where structuring infrastructures, in sectors that are decisive for its development, could finally give it the face that attentive observers expect from it: the inescapable force of a world whose rapid mutations have not finished revealing their secrets.
This is for the moment only an institutional name or a quasi-acronym -Africa50. Few Africans, let alone non-Africans, have heard of it, even though it has been nearly five years since the fund was set up by African states under the auspices of the African Development Bank (Bad). . With a clear mission: to work closely with its government shareholders and other partners to reduce the deficit in infrastructure financing on the continent.
A clear mission
Overcoming his own lack of visibility, making a name for himself, establishing himself as the platform par excellence, legitimized by all of Africa, should not be, at this stage, his main concerns. But, by holding July 19 the General Assembly of its shareholders (AGA), in the Kenyan capital, Africa 50 could not evade this incidental challenge. However, becoming known will soon not be an issue. Its CEO, Alain Ebobissé, is convinced that Africa 50 is now on a launching pad to take the leadership in the sector of construction and infrastructure deployment without which the dream of a Africa economically viable, integrated, may remain a chimera.
In a Kenyan capital where infrastructures are everywhere already being reshaped, modernized, its face, with new airports, highways, railways, ports etc, the enthusiastic speech on the mission entrusted to Africa 50 had a resonance in phase with the surrounding context. This means that the choice of this city, in the heart of East Africa, to host the 3rd General Assembly of its shareholders was a clever inspiration.
25 States shareholders
Especially since President Uhuru Kenyatta, recently confirmed at the head of his country, did not hesitate to come personally to preside over the opening ceremony of the meeting, in the presence of important official and private authorities from the 25 States shareholders (and two central banks) and the rest of the world. In addition to being himself the promoter of a national development agenda of his country articulated around 4 emergencies, rhyming with the infrastructures at work within Africa 50, he underlined, by opening the works, the importance of the energy, transport, new information technologies, water and sanitation sectors.
By providing the right incentives for the private sector to be more daring and active in order to take advantage of the opportunities offered by emerging Africa. “The private sector needs to redouble its efforts to help fill the continent’s infrastructure deficit, as public funding is limited,” says Kenya’s number one.
In front of an audience aware of the critical role of infrastructure investments, President Kenyatta has led the way in further convincing the private sector that Africa 50 is the vehicle of choice to participate in infrastructure development in Africa. To the applause, he announced the doubling to 100 million dollars of the contribution of his country to this African Fund.
“We must act quickly and urgently,” said Dr. Akinwumi Adesina, President of the Bad. Previously, in his capacity as Chairman of the Board of Directors of Africa 50, to highlight the need to bridge the annual deficit of $ 108 billion to build critical infrastructure for Africa.
On needs estimated at more than $ 170 billion a year, we can say that the account is far from good. It is in this context that the mandate of Africa 50 appears more than essential, strategic. At first, without having a trademark recognized across the continent, it does not inspire any less confidence. “Africa 50 has taken the initiative to support infrastructure projects wherever its shareholders have asked to do so,” said Henry K. Rotich, Kenyan Minister of Finance and Planning.
Catalyst towards a new Africa
In other words, in view of the urgencies across the continent to reduce infrastructure deficiencies in the face of a rapidly growing population, which is likely to become a threat, and also because of a more demanding citizenship, from one part of the world to another. continent, Africa 50 is destined to be the catalyst towards the new Africa – or to prevent its emergence if it does not give the expected results of its action.
The fund seems to have prepared itself to succeed in its strong mission through its two mechanisms: on the one hand, to be the instrument of project development, and, on the other hand, to promote the financing of these projects. His management team is reassuring. “We have a strong pipeline of projects, improved our financing capacity to attract more public shareholders and institutional investors, and recruited a world-class staff of infrastructure specialists,” says Ebobisse.
The Africa 50 fund is now fully operational, he told shareholders. “He is about to accelerate his activities”. And its benefits listed by its top leader make it a unique institution to leverage more private investment in infrastructure in Africa. One of his great advantages, he assures us, is to have an integrated approach. Not to mention that it can deploy capital both at the dawn of projects as they mature. “We are a one-stop shop, in addition to being a small but agile organization with a private culture,” says his CEO.
Wanting to be the interface capable of bringing private and public to mutualize their financial means, to help make commercially viable projects submitted to it, but also to lubricate relations between governments and private, Africa 50 is preparing to grow to a rhyme more supported. It is at this price that he can achieve his mission of reducing the financing gap for infrastructure in Africa.
Alain Ebobissé, optimistic, Afro-optimistic
Failure to do so would be negatively impacted by the cost of negative opportunities. Alain Ebobissé does not widen to hear about it. Optimistic, Afro-optimistic, he sees infrastructures as a field of application of the win-win. “The investor gets a decent return, the citizen gets the infrastructure he needs and the government can attract other investments, except the framework for development they can claim.”
With the accession of Rwanda, now funded by $ 880 million of subscribed capital, dreaming of increasing its financial capacity to more than $ 3 billion, the Africa 50 Fund is a name that has not finished climbing the markets of Notoriety. The success of the general meeting of its shareholders in the capital of Kenya did not make it better known. It’s a powerful label that has taken the departure of a stronger departure. As announcer of the new Africa, optimistic and sure of itself!
* Special Envoy in Nairobi.
