The African Development Bank (www.AfDB.org) has signed a $20 million equity investment in the African Infrastructure Investment Fund 4 (AIIF4). The deal, signed on 31 July 2024, reinforces the Bank’s commitment to fostering private sector development and boosting infrastructure across the continent. 

The investment, approved by the Bank Group’s Board of Directors on 19 June 2024, will be financed from the Bank’s ordinary capital resources designated for private sector operations. 

Africa’s infrastructure sector remains a significant investment opportunity, driven by substantial demand deficits and a scarcity of capital. With rapid urbanization and increasing local purchasing power, the continent requires between $130 and $170 billion annually in infrastructure spending. However, there’s currently a substantial yearly financing gap of $68 to $108 billion. 

AIIF4, with a 13-year term and a 5-year investment period, has completed its first closing at circa $230 million, attracting international investors. To date, the Fund has raised more than the $500 million target, with the final close expected to be concluded in Q3 2024. 

The Fund is projected to deliver significant development outcomes, particularly in private sector growth and household income improvement. The Bank assesses the likelihood of achieving these outcomes on time as “High.”  

The investment also complements the Bank’s ‘High 5’ operational priorities, along with its Ten-Year Strategy (2024-2033) relating to accelerating and scaling up its operations. Additionally, the Fund pipeline aligns with the Private Sector Development Strategy (2021-2025), the Climate Change and Green Growth Framework, and the Strategy for Addressing Fragility and Building Resilience (2022-2026). 

“By providing this scarce private equity investment to AIIM to bridge the infrastructure financing gap in Africa, the Bank is reinforcing its commitment and support to developing infrastructure in Africa to private sector participation. Therefore, our confidence in AIIM as a fund manager is renewed and strong, given its proven expertise and track record in driving impactful investments,” said Mike Salawou, Director for Infrastructure, Cities and Urban Development at the African Development Bank. 

The African Infrastructure Investment Managers have transacted an initial portfolio and identified a robust pipeline of investment opportunities in renewable energy, digital infrastructure, and ports and logistics assets in South Africa, Kenya, and Morocco. They are also actively screening deals in Egypt, Côte d’Ivoire and Senegal, among others. 

The AIIF4 investment underscores the increasing role of private equity in addressing Africa’s infrastructure needs and highlights the continent’s potential for sustainable economic growth. 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact: 
Kwasi Kpodo
Communication and External Relations
media@afdb.org

Technical contact: 
Hassen Ben Ayed 
h.benayed@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

UN Human Rights Chief Volker Türk on Thursday acknowledged a long-awaited trial verdict handed down in the Republic of Guinea over mass killings and rapes at Conakry Stadium on 28 September 2009. He emphasised the importance of further work to establish the full facts and responsibilities around those events.

Among the eight men found guilty of crimes against humanity in Wednesday’s ruling by the First Instance Court of Dixinn, in Conakry, was former President Dadis Camara. A further four were acquitted.

“After nearly 15 years, the victims, survivors and their families have the right to full justice and transparency,” the High Commissioner said. “It is necessary to continue the path that Guinea has already started towards an end to impunity, and ensuring that all those responsible for human rights violations are brought to justice.” He also called for further strengthening of Guinea’s judicial institutions and guaranteeing their independence as key to preventing the recurrence of such human rights violations.

At least 156 people were killed, many disappeared and at least 109 girls and women were subjected to sexual violence, including sexual mutilation and sexual slavery, when security and military forces attacked a peaceful political rally at the stadium in the capital. A number of victims were tortured to death and buried in mass graves.

Following the deadly events, a UN Commission of Inquiry was mandated to establish the facts and circumstances, and to identify those responsible and make recommendations. With the support of the UN Human Rights Office, the Commission concluded at the time that there was a “strong presumption that crimes against humanity were committed”, with “reasonable grounds to suspect individual criminal responsibility”.

“Those who have lost loved ones, and those who have been subjected to torture and sexual violence have the right to comprehensive psychosocial as well as financial support,” the High Commissioner said.

The court ordered those convicted to provide reparations to the victims and their families.

In addition to giving effect to the final decision of the court, Türk said it was crucial for the Guinean Government to determine the whereabouts of all those who went missing and ensure those responsible for enforced disappearances and associated violations are held to account.

He also stressed the importance of guaranteeing the defendants’ right to appeal.

Distributed by APO Group on behalf of Office of the UN High Commissioner for Human Rights (OHCHR).

From July 29 to 31, 2024, Yaoundé hosted a pivotal Stakeholders Consultative Workshop aimed at shaping Cameroon’s National Blue Economy Strategy. This crucial event gathered diverse stakeholders to refine and finalize the strategy, focusing on key objectives such as identifying priority issues, addressing challenges, and establishing robust governance and coordination mechanisms. The event was funded by the Kingdom of Norway’s support to AU-IBAR.

The workshop opened with remarks from Mr. Georges MBA ASSEKO, Head of the Blue Economy Division at the AU Commission/DARBE. He underscored the need for Cameroon’s strategy to align with both Regional Economic Communities (RECs) and the Africa Blue Economy Strategy. He urged participants to enhance coordination among national agencies, design effective legal frameworks, and establish systems for tracking and reporting blue economy progress. Emphasis was placed on identifying Blue Value Chains, assessing the economic impact, and engaging the private sector for financing the transition to a sustainable blue economy within the context of AfCFTA.

Dr. Baschirou Moussa Demsa, a Consultant for Animal Resources at CEEAC (ECCAS), reinforced the importance of collaborative efforts in developing the national strategy. Mr. Jaju Manu Guigado, Secretary General of the Ministry of Livestock, Fisheries, and Animal Industries, delivered the official opening remarks on behalf of the Honorable Minister. He highlighted the blue economy’s potential to create jobs, boost income, and enhance food security, officially declaring the workshop open.

Participants included representatives from various ministries, such as the Ministry of Economy, Planning and Regional Development (MINEPAT), Ministry of Livestock, Fisheries and Animal Industries (MINEPIA), Ministry of Water Resources and Energy (MINEE), Ministry of Transport (MINT), National Ports Authority (NPA), Ministry of Scientific Research and Innovation (MINRESI), Ministry of Mines, Industry and Technological Development (MINMIDT), Ministry of Tourism and Leisure (MINTOUL), Ministry of Environment, Protection of Nature and Sustainable Development (MINEPDED), Ministry of Finance (MINFI/DOUANES), Ministry of Trade (MINCOMMERCE), Ministry of Posts and Telecommunications (MINPOSTEL), African Marine Mammal Conservation Organization (AMMCO), African Women Fish Processors and Traders Network (AWFISHNET), National Consultant, ECCAS, African Union Commission, and AU-IBAR staff.

The first technical session, moderated by Mr. Rafik Nouaili, featured Dr. Patrick Karani’s presentation on the Africa Blue Economy Strategy (ABES). This presentation provided insights into the strategy’s evolution, referencing key instruments like the 2018 World Blue Economy Conference and AUC Agenda 2063. Prof. Martin Ndende then discussed the ABES governance framework, prompting stakeholders to explore how a continental strategy can benefit policy making and capacity building.

The second session, also moderated by Dr. Karani and Mr. Nouaili, focused on sector-specific information about Cameroon’s blue economy. Presentations by Georges MBA ASSEKO and Prof. Dr. Andrew Baio highlighted institutional arrangements and the untapped potential of blue economy resources, stressing the need for value addition through transformation, preservation, and technology.

Emerging discussions revealed several critical issues: the role of the blue economy in Cameroon’s structural transformation, the impact on oil, gas, and minerals extraction, the necessity for effective coordination, and the strategy’s potential to address maritime safety, plastic pollution, and community benefits. Participants also considered the importance of research, development, and education in the blue economy and the need for inclusive stakeholder engagement. Recommendations from the workshop included detailing how the draft strategy will address these issues, aligning it with ECCAS and ABES frameworks, prioritizing energy and water resources, supporting innovation, and ensuring broad stakeholder involvement. The establishment of an African Union Institute for Blue Economy and Technology was proposed to boost capacity development.

Working groups identified key objectives, priority issues, and governance mechanisms. Outcomes included a focus on restoring aquatic ecosystems, enhancing education and training, developing fisheries and aquaculture industries, and investing in blue economy infrastructure. The groups also emphasized the need for improved port facilities, environmental management, and social safety. The workshop concluded with a plan for next steps, including disseminating the National Blue Economy Strategy Outline for broader feedback and finalizing the strategy. The workshop was closed with gratitude expressed by Dr. Baschirou Moussa Demsa, Mr. Georges MBA ASSEKO, and Honorable Minister Dr. Taiga. The event reaffirmed Cameroon’s commitment to a sustainable blue economy and its alignment with regional and continental goals.

Distributed by APO Group on behalf of The African Union – Interafrican Bureau for Animal Resources (AU-IBAR).

Flutterwave (www.Flutterwave.com), a leading payments technology company, has recently been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana. The milestone marks a significant expansion of Flutterwave’s operations in Africa, enabling the company to offer a comprehensive suite of payment services directly within, and through Ghana.

Ghana presents an exciting market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%, Ghana is well positioned for rapid digital adoption. The country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, resulting in a total value of $12.96 billion by 2028.

For potential customers in Ghana, Flutterwave’s license translates to more seamless and secure money transfers across the country. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods including cards, mobile money, and bank transfers.

Commenting on the license approval, Olugbenga ‘GB’ Agboola, Founder&CEO of Flutterwave said, “When we started this journey, our goal was to unite the fragmented payment infrastructure in Africa, and securing this license in Ghana brings us a step closer to achieving that mission. At Flutterwave, we are committed to using our platform to promote economic growth to the nation, while also providing unparalleled service to all our prospective customers in Ghana and in the diaspora “

The Payment Service Provider license (Enhanced Category) allows Flutterwave to operate without the need for third-party services, streamlining payment processes for businesses and customers alike. The Enhanced Category license further empowers Flutterwave to support other licensed fintech companies in Ghana by providing essential payment services, ultimately promoting a more integrated and efficient financial ecosystem.

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, said: “We are grateful to the Bank of Ghana for their trust and support in granting us this license. This milestone highlights our commitment to regulatory compliance and delivering secure, reliable payment solutions. We are excited to contribute to Ghana’s dynamic business ecosystem and support the financial inclusion of Ghanaians, both locally and globally.”

Distributed by APO Group on behalf of Flutterwave.

For additional information on Flutterwave or interview requests, please contact Hudson Sandler at flutterwave@hudsonsandler.com

About Flutterwave:
Flutterwave is the leading payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API). Flutterwave has processed over 630M transactions in excess of USD $31B and serves more than 1.5m businesses, including customers like Uber, Air Peace, Bamboo, PiggyVest, and others. The company’s key advantage is connecting businesses to various local and international payment types to enable them to expand globally. It also enables cross-border transactions from the diaspora to African countries via its SendApp product. Flutterwave processes payments via multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Google Pay. The company has an infrastructure reach in 34 African countries. For more information on Flutterwave’s journey, please visit www.Flutterwave.com.