23 July 2018

Rwanda: Govt Joins Pan-African Infrastructure Platform

Photo: New Times
The Remera-Rwandex road under construction recently.

Rwanda has officially joined Africa50, a Pan-African infrastructure platform that was created to bridge the infrastructure gap.

The platform seeks to develop and invest in bankable projects, catalysing public sector capital, and mobilising private sector funding.

Finance ministry's Permanent Secretary and Secretary to the Treasury, Caleb Rwamuganza, who signed Rwanda's membership on behalf of government, said that Africa50 provides Rwanda with a unique opportunity to pursue to key infrastructure projects.

"We have several infrastructure projects in the pipeline that we hope to realise in the near future. Joining Africa50 simply takes us another step closer to that objective," Rwamuganza said.

Africa50's primary target sectors are transport and power, which represent almost 70 per cent of projected infrastructure investment needs between now and 2025, and have a significant economic and transformative impact.

Africa50 Chief Executive Alain Ebobisse said that the initiative brings together public and private sector partners to finance infrastructure development.

"More than ever, Africa50 is in a position to deliver its mandate. In just two years of operation, Africa50 has brought together key players from Africa's public and private sectors and the broader Pan-African and international development finance community," Ebobisse said,

Africa50 supports commercially sustainable projects through increasing the number of investment-ready, infrastructure projects and provide financing at earlier stages of projects.

It also provides primarily equity and quasi equity with flexible exit options, while accessing preferential debt from the Africa Development Bank and development finance institutions.

The third general shareholders meeting was also attended by President Uhuru Kenyatta and a section of African finance ministers, senior government officials representing Africa50's shareholder countries.

Africa50's investor base is currently composed of 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib, with over US$800 million in committed capital.

The development comes at a time when Rwanda is seeking financing for multiple infrastructure projects such as railway, energy, roads and special economic zones.

The infrastructure projects are aimed at improving service delivery, improving business environment as well as increasing access to Rwanda to improve business attractiveness.

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