Africa50, a brainchild of the Africa Development Bank dedicated to accelerating the provision of infrastructural projects in Africa has urged African heads of governments to ensure utmost transparency in their quest for development.
The Chief Executive Officer of the continental initiative, Alain Ebobbisé made this call in New York while wooing American investors to take advantage of the abundant opportunities in Africa.
According to him, African leaders need to remove the fear factor from foreign investors who still sees obscurity in doing business in the region.
“We have to be very clear that when we are investing in projects it has to be very transparent. We need to make sure that all the stakeholders understand that transparency is key.
“It is actually an opportunity. When a country or a project is fully transparent, investors are more comfortable to come in and invest.” He noted.
The CEO called on American companies, investors and pension funds to partner them in investing in infrastructure in Africa. He stressed that in order to improve the lives of the population of Africa infrastructure has to be developed a bit faster.
He revealed that his institution has earmarked about $830m to be invested in infrastructure across the African continent. He however noted that the region requires much more, hence the need for foreign investors to collaborate with them.
He further applauded some sectors whose operations cut across the continent. He specifically singled out the banking sector and the telecommunications with presence everywhere in the region. He encouraged other sectors to emulate the development to hasten growth in Africa.
Africa50 is a continental initiative dedicated to accelerating the provision of infrastructure projects in Africa. It is a financial company with a special status. It is a public-private institution commercially managed and designed to provide a competitive advantage.