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The President of African Development (AfDB), Akinwumi Adesina, has advised more African countries to join the Africa50 – an infrastructure investment platform established by the Bank. He made the call at the General Shareholders Meeting of Africa50 on Wednesday in Kigali, Rwanda.

Africa50 currently receives funding from 30 shareholders, including 27 African countries, the Central Bank of West African States, the AfDB and the Bank Al-Maghrib of Morocco. Following the Declaration on the Programme for Infrastructure Development in Africa in 2012, the AfDB established Africa50 as an investment vehicle that will focus on high-impact national and regional projects, mostly in the power, transport, gas and information and communication technology (ICT) sectors.

“Africa50 is on track to launch a private sector third party fund to leverage $1 billion from private sector institutional investors,” Adesina said. “I encourage countries that have not yet joined Africa50 to do so. Join us as we move towards a future of great promise for Africa. Join us as we lay the foundations for a prosperous Africa.”

According to the CEO of Africa50, Allain Ebobissé, the independent infrastructure investment organisation has made significant progress over the years and forged an effective partnership with several African countries. He said: “A game changer in the infrastructure space in Africa will occur when enough decision makers acknowledge that the opportunity cost of delayed projects implementation is very high. Doing nothing or slowing down projects costs money and deprives citizens of services and economic opportunity.”

Adesina also urged investors at the meeting to attend the 2019 Africa Investment Forum (AIF) taking place in November, stressing that Africa is not ready for massive investments but the continent is also a good investment destination. “If you are an investor, do not miss Africa Investment Forum 2019. Africa is ready for massive investments – and the environment is getting more attractive for investors,” Adesina said. “One of such investment is the construction of the bridge that will connect the Democratic Republic of Congo and the Republic of Congo – a $550 million transaction being led by Africa50 in partnership with the Bank.”

He added that the continent needs to be connected through roads, rail, ports, airports, ICT backbones and energy corridors to enjoy the full benefits of the Continental Free Trade Area agreement. “These infrastructures will be crucial for spurring future economic growth in Africa,” Adesina said.

The AIF is a flagship event of the AfDB and its lead partners include the Development Bank of Southern Africa, African Export-Import Bank, Trade and Development Bank, Islamic Development Bank, Africa50, Africa Finance Corporation and the European Investment Bank.