AfDB, Made in Africa Foundation to raise $22bn for Africa’s infrastructure projects
BY EDMUND SMITH-ASANTE The African Development Bank (AfDB) has proposed plans to float Africa’s first infrastructure bonds to member nations to raise up to $22 billion for investments in infrastructure projects such as ports, railways, roads and energy, across the African continent. This follows a recommendation by Made In Africa Foundation (MIAF) for AfDB to offer the opportunity to invest in the infrastructure bonds to all, which would be in addition to funds committed by member governments. It also brings to reality, an initiative first raised at the March 2009 conference on Growth Corridors, hosted by MIAF’s Ozwald Boateng and UK Foreign Minister, David Miliband. According to a statement issued by MIAF partner - Nigerian oil company, Atlantic Energy Tuesday, September 25, by opening up the bond offering to everyone – private institutions such as global banks and pension funds, individuals and corporations – there would be increased transparency, and hopefully better gov