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Mozambique and Portuguese-speaking countries of Africa set sight on US$5bn projects – Africa Investment Forum
8:42 CAT | 09 Nov 2018
Signing of the Lusophone Compact at the African Investment Forum in Johannesburg, 7 Nov. 2028. Photo: Twitter /@joribeiro94
Lusophone countries have identified a pipeline of more than US$5 billion in private sector and private-public partnership (PPP) projects to accelerate growth in their economies.
The projects form part of a development finance compact between the Bank, the government of Portugal, and the six Portuguese-speaking countries of Africa – Angola, Cabo Verde, Equatorial Guinea, Guinea-Bissau, Mozambique, and Sao Tomé and Principe, also known as PALOPs.
The compact, signed at the African Investment Forum in Johannesburg on Tuesday, stems from efforts by the African Development Bank to bring more focus on the private sector in the PALOPs.
Akinwumi Adesina, President of the African Development Bank (www.AfDB.org), started the process nearly a year ago during an official visit to Portugal.
“Today is a day of delight, when we shine the light on a part of Africa that doesn’t always get the attention it deserves,” Adesina said at the signing, attended by representatives from Angola, Cabo Verde, Mozambique and Sao Tomé and Principe.
He added: “Lusophone countries, home to 267 million people worldwide, possess a wealth of natural assets. “Lusophone countries in Africa have huge resources like oil and gas, yet human development is low, and infrastructure development is low.”
Adesina said while the compact focuses on private sector investment, government support is vital. “Of course, nothing gets done without political leadership. I was very delighted when we had a meeting in Cabo Verde and the heads of state all supported that this compact should go ahead.”
Adesina said the African Development Bank would provide guarantees and financing to support Compact projects that are also supported by Portugal. At the session, SOFID – the Portuguese Development Finance Institution, pledged an additional envelope of EUROS 20 million on credit lines for these projects.
The objectives of the compact include accelerating inclusive sustainable and diversified private sector growth in PALOPs and also leveraging the tools the African Development Bank, Portugal and the PALOPS have at their disposal. These tools are: risk mitigation for private sector and PPP investments, direct financing for investments, and technical assistance to enhance private sector development.
The Development Finance Compact for Lusophone African Countries signed today at the #AIF pic.twitter.com/7RkeMUZAhY
— Moono Mupotola (@Mocatmu) November 7, 2018
We are attending the Africa Investment Forum in Johannesburg @AIFMarketPlace https://t.co/JFNT3GyUuG
— Beluluane Park (@beluluane) November 8, 2018
The last day of the #AfricaInvestmentForum is starting.
See what’s on today’s program and follow #live ?? https://t.co/mx7b4dEK0qYou can also head watch livestreaming on our #Facebook page: https://t.co/udBEFbF2hT pic.twitter.com/rJ4qvsSgsD
— African Development Bank Group (@AfDB_Group) November 9, 2018
Demand by investors has been overwhelming at the #AfricaInvestmentForum: 92% of the investments boardrooms have been oversubscribed, a remarkable feat for an inaugural forum. Over 330 investors are participating in boardroom conversations ??https://t.co/WP2PIHLNKA pic.twitter.com/qY3tdpv0A1
— African Development Bank Group (@AfDB_Group) November 8, 2018
‘Which continent will have consumer and business expenditures that reach $5.6 trillion in just 7 short years? Don’t think far: Think Africa!’, @akin_adesina outlines investment opportunities in #Africa at @AIFMarketPlace. #AfricaInvestmentForum. pic.twitter.com/zJfuWrwPZC
— African Development Bank Group (@AfDB_Group) November 8, 2018
Source: Distributed by APO Group on behalf of African Development Bank Group (AfDB)
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