By Elijah Odhiambo
United Republic of Tanzania has joined Africa50, a pan-African infrastructure investment platform as its 34th shareholder.
With this signing, Tanzania has become the fourth East-African country to join Africa50 as a shareholder, after Kenya, Rwanda and Djibouti and the 31st African country after Botswana in December 2022.
Africa50 is a platform for infrastructure investment that supports the development of Africa by creating and funding bankable projects, igniting public sector investment, and securing private sector money with distinct financial returns and impacts.
With three investment vehicles: project finance, project development and the infrastructure acceleration fund, the platform aims to offer assistance at every stage of the project cycle by combining project development and funding into a single platform.
Tanzania’s Minister of Finance and Planning, Mwigulu L. Nchemba, signed the Share Subscription Agreement on behalf of the government, pledging Tanzania will follow the procedures necessary to ratify the contract in accordance with the Articles of Organization of Africa50.
The minister said Tanzania is keen on developing its infrastructure to support the economic development in the country hence joining Africa50 will help them in delivering government’s priority infrastructures.
“Tanzania is keen on developing its infrastructure to support the economic development of the country and we are pleased to join Africa50 as a shareholder to leverage their expertise to deliver the government’s priority infrastructure projects,” Nchemba said.
He said Africa50 is already executing transformational projects across the continent, and they are looking forward to working closely on some strategic projects in Tanzania.
Oh his part, the Africa50 CEO Allan Enobisse’ said that the platform will support Tanzania’s infrastructure development programmes with the help of the platforms vast expertise in finance and development areas.
“Africa50 has proven to be a trusted partner, bringing key infrastructure projects from concept to bankability and from construction to operational delivery, and we are happy to have Tanzania as a shareholder and we look forward to supporting the country’s infrastructure development programme with our project development and finance expertise,” he added.
Africa50-funded initiatives have given over 17 million people access to dependable and greener electricity in the energy sector alone.
Africa50’s broad range of investments spans a number of industries in addition to energy, including fintech, education, healthcare, ICT, midstream gas, transportation and logistics, and ICT.
With a total investment value of nearly US$5 billion, Africa50 has made 19 investments.
Specifically, in the energy sector, projects funded by Africa50 have enabled nearly 17 million people to receive dependable and cleaner electricity. Africa50’s broad range of investments spans a number of industries in addition to energy, including fintech, education, healthcare, ICT, midstream gas, transportation and logistics, and ICT.