Lagos, 25 April, 2016: Africa Finance Corporation (AFC) alongside its
development partners is pleased to announce the launch of the Africa
Project Developers Initiative (APDI).
APDI is a think tank and network to promote and enable project development
in Africa. It creates a platform that fosters continuous dialogue amongst
members, standardises project development documentation, develops market
benchmarks, enables knowledge transfer, leads and facilitates independent
research and serves as a policy advocacy forum for the industry.
A significant bottleneck in unlocking Africa’s infrastructure is the
development of viable projects that meet the viability and bankability
tests of financiers. African project development itself is a proven asset
class, with an increasing number of projects successfully reaching
financial close: Azura, Nigeria; Cenpower, Ghana; Cabeolica, Cape Verde;
Henry Konan Bedie Bridge, Cote D Ivoire.
The challenges experienced by developers require the establishment of an
innovative and collective approach to addressing the issues. The average
project development time span from concept to financial close is 7 years.
If Africa is to make an impactful difference and meet its developmental
aspirations, a think tank such as the Africa Project Development
Initiative, is an imperative for project developers.
Oliver Andrews, Executive Director and Chief Investment Officer of AFC
commented:
“There are huge opportunities for international investors in Africa if its
much-needed large scale infrastructure projects are bankable. As one of
Africa’s leading project developers, AFC knows the challenges facing both
developers and investors and has successfully negotiated them in the past
to bring about some of the continent’s most significant infrastructure
projects. APDI will combine our experience and expertise with that of our
partners to create innovative solutions to the issues inherent with
project development.”
The President and CEO of AFC, Mr. Andrew Alli, announced the establishment
of APDI at the last edition of the Africa Investor Conference in 2015. AFC
will be collaborating with partners such as FMO and IFC, amongst others,
to have a pre-launch round table meeting in May 2016 in Lusaka, on the
occasion of the Annual General Meetings of the African Development Bank. A
formal launch is planned in September 2016.
AFC’s mission is to address Africa’s pressing infrastructure needs and
build the foundations for robust economic development across the
continent, all the while seeking a competitive return on investment for
its shareholders. To date the Corporation has invested over US$5 billion
in projects across 22 African countries and in a wide range of sectors
including power, telecommunications, transport and logistics, natural
resources and heavy industries.