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The Catalyst for Africa's Post-Pandemic Recovery

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The Catalyst for Africa's Post-Pandemic Recovery Partner Insight governments must also lessen dependence INFRASTRUCTURE: on foreign lenders by mobilising domes- tic resources. This should send a positive message to the world that the continent is proactively contributing to its recovery and THE CATALYST not just relying on others. LEVERAGING ASSET RECYCLING There are several ways of mobilising domes- tic capital for infrastructure, especially from FOR AFRICA’S institutional investors. The assets under management of African institutional inves- tors are expected to rise to $1.8 trillion by 2020, which has increased from $1.2 trillion POST-PANDEMIC in 2017 according to the African Develop- ment Bank. Mobilising just a fraction of this capital for infrastructure could make a tremendous difference. RECOVERY Africa50 has taken a leadership role in promoting asset recycling, whereby govern- ments grant private sector investors con- cessions over infrastructure that is mostly already revenue generating. It enables gov- ernments to unlock capital tied up in assets that they already own, which would be more efore the Covid-19 crisis, Africa shocks, capital seeks safety and gravitates productively managed by private sector in- needed massive investments to back to home markets. Once the crisis dies vestors. By offering these assets through close its infrastructure gap. This down, investors will again look for oppor- concession schemes to credible private sector has become even more urgent now tunities, and Africa presents a plethora of investors, governments could free up funding with the health crisis. Any post- such prospects to invest in. In the short for critical new projects. Such concessions pandemic stimulus plan should in- term, however, Africa needs substantial fis- promise long-term revenue streams and cludeB an infrastructure component and ways cal stimulus to compensate for the capital new infrastructure investment opportuni- to increase the participation of the private flight and rising debt levels. Governments ties that should attract more investment sector in development and implementation. need the fiscal breathing space to focus on capital to Africa. This all means that there is an even dealing with the pandemic and its after- “Aside from the immediate benefits, asset greater need to mobilise capital for infra- math. African finance ministers have es- recycling in Africa could attract a new class structure. The extra challenge that we are timated this need at around a minimum of of infrastructure investors. In Australia, facing as a result of the crisis is that there $100bn a year. This should include a large a combination of sovereign wealth funds, has been massive capital flight away from infrastructure component, that has a strong pension funds, and several private invest- emerging markets. According to the In- multiplier effect on employment and busi- ment funds participated in such projects. ternational Institute of Finance (IIF), the ness formation. Attracting similar investors by leveraging first quarter of 2020 saw the largest capi- Part of the stimulus should also include existing assets would reduce African gov- tal flight ever recorded from emerging mar- debt moratoriums and restructuring with ernments’ dependence solely on donors and kets, exceeding the global financial crisis. international financial institutions, and development finance institutions,” says Alain Usually during crises and external where possible, commercial lenders. African Ebobissé, Chief Executive Officer at Africa50. AFRICA50 In 2012, African heads of state, through their Declaration on the Program for Infrastructure Development in Africa, called for innovative solutions to accelerate PROJECT DEVELOPMENT infrastructure delivery. Following a broad consultation with AND PROJECT FINANCING African stakeholders, the African Development Bank established Africa50, a new investment vehicle UNDER ONE ROOF designed as an independent infrastructure fund that focuses on high-impact national and regional projects in the energy, transport, ICT and midstream gas sectors, with particular emphasis on increasing the pipeline of investment-ready projects on the continent. Africa50’s strategic vision is organised around three pillars; first, developing a strong pipeline of bankable projects which are ready to receive investment. Second, investing in projects already developed by other parties that require additional funding from Africa50. Finally, mobilising funds from public and private shareholders, including long-term savings from within and outside Africa. Africa50’s 12-member board of directors is chaired by Dr. Akinwumi Adesina, the President of the African Development Bank. It includes four women and representatives drawn from various African regions and internationally. Funded by African governments (28 frica50 focuses on medium to large- requires dedicated funding as well as a spe- and growing), the African Development scale projects that have develop- cific skill set. This is where Africa50 comes Bank, and two central banks in Africa ment impact while offering an ap- in. Project Development is a core activity and (BCEAO and Bank Al-Maghrib), propriate risk-adjusted return to we allocate funds or early stage risk capital Africa50 has over $878m of committed investors. Bringing project develop- to projects. We get involved, as investors, in capital. The infrastructure financing ment and financing together in one all aspects of project development, to steer deficit in Africa is estimated at about platform,A Africa50 seeks to provide support projects toward financial close, executing $68bn to $108bn annually, according at every stage of the project cycle. the important mandate that was given by to the African Development Bank. our shareholders to strengthen the pipeline PROJECT DEVELOPMENT PERSPECTIVE: of well-structured bankable projects. Africa aslo urgently needs Koffi Klousseh, Managing Director, - We fund, execute or supervise project regional infrastructure to speed Head of Project Development feasibility studies; economic, social, techni- up implementation of the African cal, and environmental studies; and financial Continental Free Trade Area – which What difference does it make to have a separate structuring. We also negotiate commercial is expected to boost intra-Africa trade Project Development function in Africa50’s and financial contracts to ensure a bal- by more than 52% by 2022 according strategic effort to bridge the infrastructure gap anced risk allocation; drive the selection to the UN Economic Commission in Africa? of strategic partners; manage relationships for Africa – since many of Africa’s Project development has been identified as acting as a bridge between public and private development challenges require cross- the most challenging phase of project imple- stakeholders. border solutions. mentation and is where most projects fail. A - We are investors, and do not offer lot of investment is needed in studies, struc- grants since we have a mandate to oper- turing, contracting, and engagement with ate commercially, but we may facilitate the public authorities without assurance that mobilisation of soft financing through other projects will get to financial close. Thus it partners. Partner Insight PROJECT FINANCE PERSPECTIVE: Raza Hasnani, Managing Director, Head of Infrastructure Investments What is the unique selling proposition of Africa­ Africa50 currently has 50’s Project Finance function, which allows the organisation to act as the go­to partner for the 11 equity and continent’s infrastructure projects? First, we have unrivaled local knowledge and project development presence. Most of our team members are ei- ther from the continent or have extensive investments covering experience investing here. Along with this local knowledge, we bring the four priority world class expertise and processes to infra- structure investing. As they say, ‘history does sectors it focuses on. not repeat itself, but it rhymes’. Having team members that have done investments in other emerging markets around the world where they have gone through the same sequence of development that Africa is experiencing PORTFOLIO allows us to make better investments. Many stakeholders on the continent con- sider us more of an honest broker as we are INVESTMENTS part of the local ecosystem. For example, we insist that our counterparts have world class - We follow the venture capital model, representation so that their rights are well where development activities are funded as represented. This protects the investee but is early-stage equity investments with appro- also better for the investor in the long run. priate financial return prospects, along with Thus, our presence in the capital structure the right to invest equity in the project at leads to reduction in the overall cost of capital, financial close. We can provide up to $10m of and thus lower costs for the ultimate users of such capital to get a project off the ground. the infrastructure We also act as a convener of potential partners and work with other institutions, What parameters inform the decision and invest­ notably the African Development Bank, for ment amount Africa50 commits to a project? project preparation, transaction support, We prefer reputable and experienced partners guarantees, public and commercial funding. that have a track record of successful invest- ments in developing countries - partners who What unique set of skills does Africa50’s Project have a well-thought out business model that Development team possess to create projects
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