NAIROBI, Kenya, Feb 12 – Pan-African infrastructure investment platform Africa50 has begun the process of onboarding Mozambique as its latest shareholder.
The Share Subscription Agreement, which was signed in Maputo, was inked by the country’s Minister of Economy and Finance, Ernesto Max Elias Tonela, committing the nation to take the necessary steps to join the organization.
In the latest COP28 summit in the UAE, the two agreed on a MoU to develop four projects, including three solar PV plants as well as the construction of 400 kilometers of transmission lines under a public-private partnership framework.
By joining the body, the southern African state is set to access project development and financing expertise and fast-track the implementation of its infrastructure program by catalyzing the participation of the private sector.
Admission of Mozambique will push up the number of Africa50’s total number of shareholders to 35, comprising of 32 African nations, the African Development Bank, the Central Bank of West African States (BCEAO), and the Bank Al-Maghrib.
“As we accelerate the development of critical infrastructure to meet the needs of our citizens, it is imperative to find the right partner to develop and catalyze financing into these projects and Africa50 has proven to be that partner,” Minister Ernesto Max Elias Tonela said.
“We are delighted to join Africa50 as a shareholder and look forward to supporting the vision of closing the continent’s infrastructure gap while bringing development to our people,” he added.
So far, Africa50 has made 24 investments across the continent, with an aggregate value of over $7.1 billion.
In the energy sector alone, over 17 million people are accessing reliable and cleaner electricity as a result of projects financed by Africa50.
In addition to its investments in energy, Africa50’s diverse portfolio of investments includes sectors such as transport and logistics, ICT, midstream gas, education, healthcare, and fintech.
“We are pleased to be already actively working with the government on transformative clean energy and transport projects,” said Alain Ebobissé, CEO of Africa50.
“We look forward to supporting the country’s infrastructure development vision through private investments and public private partnerships.”
