Made in Africa Foundation for infrastructural project
African visionary and International designer Ozwald Boateng, has collaborated, it was announced last week, with Nigerian businessman Kola Aluko, and Atlantic Energy Drilling Concepts Limited, to establish a multi-million dollar charitable organisation.
The organisation, Made In Africa Foundation, is dedicated to bringing innovative ideas and capital to Africa, whilst also focusing on the first stage of funding for infrastructure.
With little capital available in the past, the International Finance Corporation estimates that Africa’s infrastructural deficit amounts to US$93 billion annually right through 2020. The fact that a large amount of this money was available was irrelevant, as it could not be applied until business plans and feasibility studies were sufficiently developed; a void the Made In Africa Foundation will try to fill.
Atlantic Energy has committed to underwrite US$7 million for an independent power project feasibility studies across Africa, as well as the Ugandan urban renewal master plan for Kampala’s Naguru Nakawa redevelopment, and the Foundation’s running costs for the first three years.
Founder, Ozwald Boateng said, ‘It is a well known statistic that US$400 million of funding for feasibility studies and master plans across Sub-Saharan Africa would develop over US$100 billion of infrastructure projects, which in turn would create a value of a trillion dollars across Africa.’
With this in mind, the organisation believe infrastructure is the key to transforming the economy from a developing to emerging market status and propose to provide ‘first mile’ finance to people and businesses that are involved in contributing to the development of major infrastructural projects in the region.
Dayo Okusami, General Counsel and Executive Director of Atlantic Energy, a private upstream oil and gas group that operates in Nigeria, said, ‘Atlantic Energy is pleased to be a founding donor and supporter of this exceptional charity and we look forward to fostering a continent wide push for sustainable infrastructure development.’
With the first step of infrastructural projects often being the hardest, the foundation hopes that its work will now make that step easier for Africans.
Leave a Reply