Investing in infrastructure projects

Africa 50 will construct the Volobe hydroelectric dam. The official signing of the financing will take place this Thursday during the general assembly of the investment platform, which will be held at the International Conference Center in Ivato.

On this occasion, « we will also sign Africa 50’s authorization to seek investors who may be interested in the project », announced the Minister of Finance and Economy, Rindra Hasimbelo Rabarinirinarison, at a press conference on Tuesday in Antaninarenina. Africa 50 is now financing the Volobe project, according to Alain Ebobissé, CEO of the pan-African platform.

The final amount Africa 50 will invest in the project has not yet been revealed, but the platform will become an active participant and continue to manage it. As always, according to Alain Ebobissé, the Volobe project meets the eligibility criteria of Africa 50. « We are convinced that this project will reduce electricity costs in Madagascar, making it a crucial factor in its financial viability », he said.

The project could also attract many partners, such as international financial institutions that will provide long-term financial support. Additionally, other project partners will be presented this Thursday.

Led by the African Development Bank (AfDB), 32 African countries have come together to form the pan-African investment group known as Africa 50. Its goal is to mobilize public and private funds to develop and invest in infrastructure projects that significantly impact Africa’s development.

Aside from Africa 50’s involvement in the Volobe project, more agreements are expected to be signed during the platform’s general assembly, which will be held in Madagascar this Thursday afternoon. Among them are agreements reflecting investors’ commitment to invest in Madagascar or, as per the program announced on Tuesday, agreements with financial backers. A closed-door meeting with platform investors is also scheduled for this afternoon.