Botswana joins Africa50

By Phyllis MUCHOKI

Africa50 will welcome the Republic of Botswana as its 33rd shareholder.

At a ceremony in Gaborone, Botswana, the Honourable Minister of Finance, Peggy Serame signed the Shareholder Subscription Agreement on behalf of the Government of Botswana, joining other African countries who are leveraging the project development and project financing skills of Africa50 to support the implementation of their infrastructure development programmes.

“We are impressed with the work Africa50 is doing on the continent to bridge the infrastructure financing gap, while delivering critical country and regional projects to spur Africa’s economic growth.

Joining Africa50 is in line with Botswana’s development agenda of leveraging the private sector to deliver on our infrastructure development progrprogramh will support our post-Covid-19 recovery, drive economic growth and create jobs.

We are looking forward to benefiting greatly from this partnership and want to see the execution of projects in the very near future that will benefit the people of Botswana”, said the Honourable Minister of Finance, Peggy Serame.

Africa50 has made 17 investments, with an aggregate value of US$5 billion, across diverse sectors on the continent.

Through several of its power projects, which include both solar and thermal power, Africa50 is providing access to reliable and cleaner electricity to over 17 million Africans.

Africa50 CEO Alain Ebobissé said, “This occasion clearly demonstrates Botswana and Africa50’s shared commitment and desire to accelerate the delivery of sustainable infrastructure in the country and on the continent.

I am convinced that this is going to be a very constructive partnership that will support Botswana’s economic development agenda, diversify the economy and contribute to continent-wide initiatives such as the Africa Continental Free Trade Area”.

By joining Africa50, the Government of Botswana will benefit from accessing world-class project development and financing expertise, fast-track the implementation of its infrastructure agenda and catalyze the participation of the private sector that will contribute significantly to spurring economic growth.

In addition, through Africa50’s innovative financing instruments such as Asset Recycling, governments can unlock capital currently tied down in state-owned infrastructure assets by concessioning them to credible private institutions.

This will allow them to use the funds to finance new infrastructure projects or support economic stimulus plans.

Africa50 engaged with several Ministries during the mission to Gaborone, identifying prospective projects within the energy and, transport, logistics sector.

Prior to Botswana joining, Africa50’s shareholder countries included: Benin, Burkina Faso, Cameroon, Carbo Verde, Congo, Côte d’Ivoire, Democratic Republic of Congo, Djibouti, Egypt, Gabon, Gambia, Ghana, Guinea, Kenya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, Sudan, Togo, and Tunisia.

The institutional investors include the African Development Bank, whose president, Dr. Akinwuni Adesina, chairs Africa50 Board of Directors, the Central Bank of West African States (BCEAO), and the Bank Al-Maghrib (BAM).