AfDB and Made in Africa Foundation MOU to Promote Infrastructure Investment

Jun 14, 2013, 07:30 ET from Made in Africa Foundation

LONDON, June 14, 2013 /PRNewswire/ --

Organisations recognize strategic importance of African infrastructure and create partnership to promote progress.

The African Development Bank (AfDB), Africa's premier development financing institution, signed a key Memorandum of Understanding (MoU) with Made in Africa Foundation (MIAF), co-founded by Ozwald Boateng OBE and Kola Aluko. 

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The MoU was signed by the African Development Bank's First Vice President and Chief Operating Officer (COO), Emmanuel Mbi and Made in Africa Foundation's CEO, Chris Cleverly.

Both organizations recognize that addressing the severe infrastructure deficit across the continent will unlock Africa's economic growth, increase its economic efficiencies and competitiveness, accelerate the continent's integration into the global economy, and ultimately improve standards of living throughout Africa.

As such, both sides agreed to further their co-operative relationship fostering the marketing, funding and development of public and private sector initiatives towards infrastructure projects, to ensure the sustainable and permanent growth of Africa's economy.  Furthermore, both sides evidenced their joint goal to promote infrastructure development and regional integration at the Bankers Award in Marrakech where the Made in Africa Foundation hosted a stunning gala event - with a fashion show and international stars John Legend, Youssou N'Dour, Mos Def and Akon performing in support of AfDB's initiative to promote infrastructure investment.

"As African countries expand, they are everywhere confronted with the limited availability of energy, high transport costs and limited connectivity," said AfDB President Donald Kaberuka.

"Sound infrastructure helps to drive structural transformation because it reduces the cost of doing business and enables markets to function. That is why the African Development Bank puts so much emphasis on infrastructure."

Ozwald Boateng underscored the need to close up Africa's infrastructure deficit and irrevocably alter the path of its development positively and permanently.

"This is Africa's century to build pathways of excellence across borders and among people," he affirmed, stressing that "the tools are at our disposal and there is no time for delay."

For his part, Kola Aluko underscored the importance of working with organisations such as AfDB to spur transformation of the continent.

"When 13 countries on the continent still lack a functioning railway system and 40% of our population hasn't adequate access to electricity, there is need to cooperate with our premier financial development institution," he said.

SOURCE Made in Africa Foundation