The African Development Bank, (AfDB) has announced that it hopes to float Africa’s first infrastructure bonds in a bid to raise US$22bn to fund infrastructure projects
The yield from the sale of the bonds would help to finance infrastructure projects in different areas of industry including transport, energy and shipping in African member nations, such as Nigeria and Ghana.
"Investment in infrastructure is vital if Africa is to overcome poverty. If implemented effectively, this US$22bn investment will raise the continent's GDP, stimulating much needed growth,” said international businessman, Kola Aluko.
Aluko stated that he had undertaken large-scale infrastructure projects across Africa, through his work for the Made In Africa Foundation, a non-profit organisation that he established in partnership with fashion designer Ozwald Boateng and Atlantic Energy.
The African Development Bank, established in 1964, hopes to achieve social and economic development in Africa by promoting the investment of public and private capital in projects and programmes that are likely to contribute to the economic development of its stakeholders, it said.
