Tue. Jun 18th, 2024

African Development Bank’s Enhanced Private Sector Assistance to Central African Region to strengthen engagement with private sector – African Business

Following the announcement of an additional $5 billion to the African Development Bank’s (https://www.AfDB.org/) Enhanced Private Sector Assistance (EPSA) (https://bit.ly/3QoLwa2) program from the government of Japan, the Bank’s Central Africa Regional Development and Business Delivery Office is seeking to engage with private sector organizations from the region with economically viable projects for investment.

Serge N’Guessan, African Development Bank Director General for the region, said: “The Bank is very keen to support private promoters’ investments in Central Africa since they are critical for the economic growth and job creation in this important region of the continent. The EPSA Program financing will contribute tremendously to achieving this noble development objective.”

The announcement was made in Tunis during the Eighth Tokyo International Conference on African Development. (TICAD8). It includes $4B under EPSA 5 (2023-2025) and $1B for a special window that will support African countries that implement reforms to foster sustainable and transparent debt. EPSA 5 targets four main priorities: power and connectivity, health, agriculture, nutrition, and sustainability.

The EPSA non-sovereign operations component helps finance the Bank’s private sector operations through a line of credit from the Japan International Cooperation Agency (JICA) to the Bank on concessional terms. Seven non-sovereign loans totaling $1.5 billion have been signed with JICA to date. Private investment financing includes infrastructure such as the Bujagali Hydropower Plant in Uganda, RASCOM (the first Pan-African communications satellite), the East Africa Submarine Cable System and Lekki Toll Road (Nigeria), as well the Kigali Bulk water Supply (Rwanda).

The West African Development Bank and Africa Trade Insurance Agency were the recipients of credit lines for regional financial institutions. They also received credit lines from several commercial banks. EPSA loans were also used to finance small and medium-sized business assistance programs in Tanzania, Zambia, and other sector-specific equity funds, such as Africa Agriculture Fund, Emerging Market Fund, Africa Finance Corporation, East African Development Bank, and several commercial banks. Funding was also beneficial to other industries, such as Lake Harvest (aquaculture project from Zimbabwe), OLAM [major agricultural company investing in Africa] and Moulin Moderne du Mali (“food products”). 

Contact Bappa se Marc Ghislain, email : [email protected]

Distributed by APO Group for African Development Bank Group (AfDB).

Contact:
Amba Mpoke Bigg
email: [email protected]

About the African Development Bank Group
The African Development Bank Group is Africa’s premier development finance institution. It consists of three distinct entities: The African Development Bank (AfDB), Africa Development Fund (ADF), and the Nigeria Trust Fund. The Bank is present in 41 African countries and has an external office in Japan. It contributes to the economic growth and social progress of its 54 member states. For more information, please visit: www.AfDB.org

APO issued this Press Release. APO has issued this Press Release. The content has not been reviewed by African Business’ editorial team. The content of this announcement is solely at the issuer’s responsibility.

Source: african.business

By Chala Dandessa

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