Kola Aluko: $22bn Investment in African Infrastructure 'Extremely Positive' Says Kola Aluko

Oct 31, 2012, 13:44 ET from KA News

LONDON, October 31, 2012 /PRNewswire/ --

The African Development Bank (AfDB) has announced plans to float Africa's first infrastructure bonds in order to raise $22 billion for investments in infrastructure projects.

Offered to African member nations - including Nigeria and Ghana - the money raised from the sale of the bonds will help to finance infrastructure projects across many African industries including transport, energy and shipping.

Established in 1964, the African Development Bank promotes social and economic development in Africa through the provision of loans and grants to African governments and private companies with investments in regional member countries (RMCs). The African Development Bank annually commits approximately $3 billion to African countries, equivalent to 6% of development aid to the continent.

Nigerian-born international businessman Kola Aluko has welcomed the announcement from the AfDB, describing the move as "extremely positive for the African continent". Kola Aluko said: "Investment in infrastructure is vital if Africa is to overcome poverty. If implemented effectively, this $22 billion investment will raise the continent's GDP, stimulating much needed growth."

Kola Aluko has considerable experience of large-scale infrastructure projects across Africa through his work for the Made In Africa Foundation, a non-profit organisation that he founded in partnership with Ozwald Boateng - the continent's leading fashion designer - and Atlantic Energy, the private upstream oil and gas group.