DUBAI, UAE, September 9, 2014 /PRNewswire/ --
The inaugural West Africa Investment Forum confirms a range of PPP infrastructure projects across eight West African countries valued at $19 billion including significant commitment by UAE entities.
The inaugural West Africa Investment Forum (WAIF) today announced a package of seventeen infrastructure projects planned for the UEMOA (West Africa Economic & Monetary Union) region with significant funding by UAE entities. In total, $19 billion has been secured for projects in a range of sectors including roads, railways, bridges, checkpoints, dry-ports, airports, energy, and food security and water.
The projects will be executed as public-private partnerships (PPPs) between the governments of the UEMOA member states and international commercial entities. The Forum was hosted and organised by UEMOA, Global Finance & Capital Limited (GFCL), and the West African Development Bank (BOAD).
Prominent exposure from GCC companies included a commitment of $16 billion by Trojan General Contracting LLC (part of Royal Group, owned by H.H. Sheikh Tahnoon Bin Zayed Al Nahyan) along with Earth Capital for equity participation in railway and road sector projects across the region; $1.98 billion by Essar Projects Ltd., UAE subsidiary of Essar Group in road, bridge, airport and thermal power-plant projects in Benin, Guinea Bissau and Niger; and $700 million by Hasan Juma Backer Trading & Contracting LLC, Oman in a dry-port development project in Cote d'Ivoire. Senegal, which is among the region's largest and most stable economies, proved the most popular investment destination in the region.
A number of important strategic partnerships for the implementation of projects were also announced at the Forum. Among those, a strategic partnership agreement (SPA) was made between UEMOA, BOAD and GFCL to create a company responsible for managing project execution and timelines, and to continue to seek foreign direct investment for future projects in the region.
Mr. Arun Panchariya, Principal and founder of GFCL, commented:
"Rapid economic growth has made infrastructure an enormously promising investment opportunity across West Africa, and specifically the UEMOA region. GFCL has been working in partnership with UEMOA for nearly two years to identify infrastructure requirements across the region, and seek the funding necessary to meet those requirements. The inaugural West Africa Investment Forum in Dubai is the culmination of this partnership and the discussions and agreements that have taken place today demonstrate the success of the initiative. UAE entities, in particular, have shown impressive commitment to investing in our project package, and we look forward to working closely with those organisations in the coming months.Our mission is to help West Africa unlock dormant assets for itself, so the region can begin to recognise its true economic potential."
Mr. Cheikhe Hadjibou Soumare, President of the Commission of UEMOA, commented:
"The 'Invest in UEMOA' initiative launched at the West Africa Investment Forum is important for the future of our region and constitutes a paradigm shift for the Union in the face of important infrastructure challenges. These integrative infrastructure projects will have a strong regional impact. The West Africa Investment Forum heralds a new era of economic openness and is an opportunity to promote the region's tremendous potential to institutional and private investors from around the world."
Mr. Christian Adovelande, Chairman of BOAD, commented:
"The West Africa Investment Forum comes at a time when all eyes are on Africa. The infrastructure projects announced at the Forum, made possible by commitment from the international investment community, attest to the emergence of West Africa as a region of growing global economic importance. As an advocate for the region's economic potential, I am confident that the West Africa Investment Forum has been a great success and further draws the attention of the international investment community to the genuine opportunities at hand."
Notes to Editors:
West Africa Investment Forum
The West Africa Investment Forum aims to drive investment into West Africa, specifically to the eight UEMOA (West African Economic & Monetary Union) nations. The Forum will be led by three host organisations: BOAD (West African Development Bank), GFCL (Global Finance & Capital Limited), and UEMOA. The objective of the Forum is to discuss and facilitate the private investment in infrastructure required by the UEMOA nations and formally sign a multi-billion dollar series of infrastructure deals in the following sectors: roads, railways, bridges, checkpoints, dry-ports, airports, energy, and food security and water.
West African Economic & Monetary Union (UEMOA)
UEMOA is an organization of eight West African states, which was established to promote economic integration across countries that share the CFA Franc as a common currency. The treaty that concluded the establishment of UEMOA was signed in Dakar, Senegal, on 10th January 1994, by the heads of state of Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal, and Togo. In 1997, Guinea-Bissau became the organization's eighth (and only non-Francophone) member state. The stated objectives of UEMOA are to: promote greater economic competitiveness through open markets; the rationalization and harmonization of the region's legal environment; the convergence of macro-economic policies and indicators; the creation of a common market; the coordination of sectoral policy; and the harmonization of fiscal policy. For more information, visit http://www.uemoa.int.
West African Development Bank (BOAD)
BOAD was established in 1973 as an international multilateral development bank to serve the nations of Francophone and Lusophone West Africa. The bank is run by the Central Bank of West African States and its eight member governments: Benin, Burkina-Faso, Côte d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo. It is funded by member states, foreign governments and international agencies with headquarters in Lomé, Togo. BOAD's revised mission statement in 2001 refocused its funding on three main development goals: poverty reduction, economic integration and promotion of private sector activity. To achieve these objectives BOAD disburses long- and medium-term loans to the public and private sectors and funds debt relief programmes. For more information, visit http://www.boad.org.
Global Finance & Capital Limited (GFCL)
GFCL is a corporate financial advisory, registered in the United Kingdom and regulated by the UK's Financial Conduct Authority (FCA). GFCL's objective is to deliver independent, high quality advice based on internationally-accepted standards of corporate governance and to utilise its extensive global network to deliver tailor-made solutions for clients. GFCL provides support and advisory services to clients for project development, project financing, strategic partner identification, financial restructuring, fund-raising, structuring of financial products, M&A, IPOs, corporate management and institution-building. The Company has focused its expertise on advising financial institutions and governments on the funding and implementation of large-scale development projects, particularly in frontier and emerging markets. For more information, visit http://www.globalfincap.com.
