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AFC invests up to US$ 140 million in Gabon’s Special Economic Zone

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LAGOS, Nigeria, 8 April 2016 -/African Media Agency (AMA)/- : Africa Finance Corporation (AFC) is pleased to announce it is to invest up to US $140 million in the Gabon Special Economic Zone (GSEZ).

The GSEZ was created in 2010 to accelerate Gabon’s economic diversification and development and is a joint venture vehicle between Olam International, a leading agricultural business, and the Republic of Gabon.

The venture, which has a portfolio of infrastructure projects spanning a variety of sectors, combines the expertise, networks and capital of both the public and private sectors. AFC’s investment will make a significant contribution to the development of these projects, which include: a new Mineral Terminal, a General Logistics terminal, as well as other special infrastructure projects. GSEZ also owns and operates the Nkok Special Economic Zone and the Port Gentil Special Economic zone, which is in early development.

His Excellency, Mr. Ali Bongo Ondimba, President of the Republic of Gabon, commented on the announcement at the signing of the agreement in Libreville this week: “I am pleased to be entering into this agreement with Africa Finance Corporation. It will allow us to develop GSEZ’s existing infrastructure and implement a number of new projects. Our relationships with influential private sector institutions are crucial to the successful implementation of large scale infrastructure projects. Ultimately these projects will drive Gabon’s economic development and improve the lives of Gabonese citizens.”, SiliconNigeria

Andrew Alli, President & CEO of Africa Finance Corporation said: “We are delighted to be able to build on our well-established partnerships with the Republic of Gabon and with Olam by making this investment, which will help to accelerate the development of these infrastructure assets and diversify the economy of Gabon.”

GSEZ’s diverse portfolio of projects is testament to the government’s commitment to supporting infrastructure investments within its borders and the CEMAC region. Gabon has the benefit of an abundance of land as well as enviable natural resources, with long-established oil, timber and mining industries, and some of the world’s largest deposits of manganese and iron ore. There is huge potential for sustainable growth if the adequate supporting infrastructure is in place and AFC intends to help Gabon meet this potential, however we can.”

Olam International has been at the forefront in the development of the GSEZ projects in line with the Gabonese republic’s “Emergent Gabon Strategy”, which seeks to reduce the country’s reliance on crude oil and diversify into other sectors. Olam began operations in Gabon in 1999 and is now developing multiple agro-industrial and infrastructure projects in the country, with the Gabonese Republic as a joint venture partner. Gagan Gupta, President and Country Head for Olam in Gabon and CEO of GSEZ said: “it is indeed a great pleasure to have AFC join us as a partner to invest in and grow the GSEZ franchise. This investment brings to bear our vision of a diversified and vibrant Gabonese economy, which can hopefully further contribute to and favorably impact the wider CEMAC region. AFC’s investment in the company gives additional impetus to GSEZ, through the access to AFC’s considerable financial and technical resources, which will be invaluable in identifying and executing on the vast opportunities in Gabon, and in the larger CEMAC region.”

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 US$3.2 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.

Gabon became the 10th member of AFC in August 2015. The corporation’s other members are: Cape Verde, Chad, Côte d’Ivoire, The Gambia, Ghana, Guinea Bissau, Guinea Conakry, Liberia, Nigeria, Rwanda, Sierra Leone, and Uganda. As with all members, Gabon’s membership enables AFC to receive preferred creditor status within the country, the benefits of which reduce AFC’s investment risk, enabling the Corporation to provide more competitive financing solutions.

Distributed by African Media Agency (AMA) on behalf of AFC.
Notes to Editors

About AFC – www.africafc.org

AFC, an international investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector infrastructure investment across Africa. With a current balance sheet size of approximately US$3.2 billion, AFC is now the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. In May 2015, AFC successfully concluded a debut US$750 million Eurobond issue which was 6 times oversubscribed and attracted investors from Asia, Europe and the USA.

AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

AFC invests in high quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.

AFC has become the benchmark institution for private sector power project development and investment in Africa.

Follow us on Twitter – @africa_finance

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Schneider Electric Targets 900m Africans With Sustainable Energy Solutions

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, SiliconNigeria

Schneider Electric said it is targeting 900 million Africans including 95 million Nigerians with universal access to sustainable energy solutions in rural communities by fostering a greener and more resilient future.

The global energy provider said it is committed to providing access to clean electricity to 50 million by 2025, and 100 million by 2030. To date, 46.5 million people have already benefited from Schneider’s energy access solutions.

The country president, Schneider Electric West Africa, Ajibola Akindele, speaking at the Energy Access Investment Forum (EAIF) conference, held in Lagos, recently, said they have a wide range of Access to Energy solutions suitable for electrifying small homes and micro-enterprises, fundamental public services, up to villages and communities.

“Our mission is to be a global digital partner for sustainability and efficiency, empowering all to make the most of our energy resources, bridge progress and sustainability for all. At Schneider Electric, we call this Life is On,” he said.

Director MEAS, Access to Energy, Schneider Electric, Thomas Bonicel, speaking on Schneider Electric’s Access to Energy (A2E) program, emphasized the program’s mission to empower communities through clean and reliable energy access including training & entrepreneurship programs, social & inclusive business, and investment funds.

“There are over 700 million people across the world without access to energy, 600 million in Africa and 95 million in Nigeria; at Schneider Electric, we have decided to deploy our Access to Energy solutions in Nigeria.

“Our major KPI is the impact measured by the quantity of connected people and with Villaya Flex, our latest innovation, we are ready to support independent electricity access and renewable energy adoption in remote villages and off-grid communities,” he said.

The commercial leader, Microgrid, Schneider Electric, Teina Teibowei, said, Villaya Flex, a packaged, comprehensive microgrid solution, is specifically designed for rural, off-the-grid communities and aims to ensure a dependable and sustainable energy supply to meet daily needs and power productive economic activities in these

Teibowei also noted the Nigerian government and the World Bank’s joint efforts to extend electricity access to rural Nigerian villages, adding that  Schneider Electric’s Villaya Flex microgrid solution is well-positioned to tackle the electrification challenges of these remote communities, potentially serving as a valuable asset for the World Bank’s Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project.

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Africa Region

Mastercard and Payment24 to Boost EMV Adoption in Africa, Others

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Mastercard and Payment24 are extending their engagement across Eastern Europe, Middle East and Africa (EEMEA) to help bolster security and drive innovation within the fleet and fuel payment industry across the region.

The EMV standard, now being implemented in over 80 markets, has dramatically reduced the incidence of counterfeit card fraud associated with magnetic strip cards, saving hundreds of millions in potential losses.

This partnership not only drives innovation in the fleet and fuel payments sector, but also aims to speed up the transition to the secure EMV standard and help fleet operators reduce the risk of fraud associated with magnetic strip fleet cards.

This expanded collaboration extends the geographical reach of a proven solution and delivers modern fleet and fuel payment solutions to banks and fleet card issuers throughout the region. While drivers benefit from a quick, secure, and seamless way to make payments, fleet operators can now monitor driver spending in real-time, set expense limits, and minimize the need for cash.

“By combining Mastercard’s leading payment technology with Payment24’s innovative and proven fuel payments platform, we deliver a solution for the region that enhances security and adds significant value and convenience for customers,” said Clyde Rosanowski, Senior Vice President of Commercial Solutions, EEMEA at Mastercard.

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Technology

WATRA Advocates E-Governance and Technology to Boost Jobs for Youths In Nigeria, W/Africa

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WEST Africa Telecommunications Regulators Assembly (WATRA) has advocated greater adoption of e-Governance and concerted effort to expand the digital economy in Nigeria and other countries of West Africa. 

The executive secretary of WATRA, Aliyu Yusuf Aboki stated that this will boost investment and create quality jobs for young people in Nigeria and West Africa. He stated that despite the comparatively low rate of literacy in West Africa, there is a very wide scope for digitizing government services. 

He said he sees the enormous opportunity for e-governance as he travels across the 15 ECOWAS states. He explained that governments at all levels could increase their taxes dramatically by digitizing the identities of taxpayers and tax collection processes. He also emphasized that there is a great opportunity to expand access to education and healthcare through digital tools. 

 WATRA is a regional organisation that has the mandate to promote the adoption and harmonization of regulations that stimulate investment in telecommunications and increase affordable access for citizens.

 The WATRA boss cited the example of India where over 1 billion citizens, including the poorest citizens, could easily receive or make payments using their telephones through a government-supported platform, the Unified Payments Interface (UPI).

 Other government-backed digital schemes in the country enable municipal governments to manage healthcare online and citizens to store and readily access government documents such as tax returns on their phones. 

Aliyu pointed out that the digitalization of government services has transformed the lives of the 273 million Indians who are classified as living in poverty. While noting progress in the adoption of ICT to deliver and manage government services in West Africa, the WATRA boss emphasized the need to scale up existing schemes in the sub-region. 

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