Washington, D.C., Dec.15th, 2022 – The U.S. Export-Import Bank (U.S. EXIM Bank) and Africa50, a pan-African infrastructure investment platform, have signed an MOU to mobilize $300 million worth of financing to support investments in climate, ICT, and infrastructure projects in Africa.
A statement issued by Africa50 and the made available to Global Business News (GBN) in Lagos on Thursday, said the landmark agreement was signed on the sidelines of the just concluded U.S.- Africa Leaders Summit.
The MOU identified six target sectors for financing which are Climate and energy security; technology and digital connectivity and social development sectors including those that look to address gender equality and equity.
Others are renewable energy power, including generation, transmission, and distribution; environmental technologies; as well as infrastructure in general, including but, not limited to transport, logistics and ICT
Africa50 is an infrastructure investment platform that contributes to Africa’s economic growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding to help bridge Africa’s infrastructure gap.
Africa50’s investor base is currently composed of 29 African countries, the African Development Bank, two African Central Banks and the African Development Bank.
The U.S. Export-Import Bank is a U.S. government agency established with the mandate to aid in the financing of creditworthy entities to facilitate the export of goods and services of U.S. origin or manufacture.
By providing short, medium, and long term financing, the U.S. EXIM Bank plans to work with Africa50 to identify high-impact bankable projects and accelerate their development.
The partnership will also prioritize cooperation among other private organizations, businesses and investors from the African Diaspora in the United States.
Alain Ebobissé, CEO of Africa50, commented: “We are pleased to execute this MOU with the U.S. EXIM Bank.
“We believe that this partnership demonstrates how the U.S. government and African stakeholders can partner in mobilizing funding towards developing and financing bankable projects in Africa.
“There is a serious infrastructure investment deficit across the continent, and public and private capital must come together to close it.
“Africa50 looks forward to working with the U.S. EXIM Bank to identify and accelerate critical infrastructure projects for the benefit of Americans and Africans.
“The partnerships that we are establishing today are very much a demonstration of EXIM’s commitment to resetting and renewing our outreach efforts with Africa,” he said
President and Chair of the U.S. EXIM Bank Reta Jo Lewis, also said: “While collaboration with Africa is one of our founding charter mandates, it is also a Biden-Harris Administration priority; one that we are dedicated to fulfilling in support of the advancement of U.S. exports.” (GBN)
