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African Development Bank to play bigger role in African economies by investing in infrastructure private equity APO Group – Africa-Newsroom: latest news releases related to Africa

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African Development Bank to play bigger role in African economies by investing in infrastructure private equity APO Group - Africa-Newsroom: latest news releases related to Africa

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ABIDJAN, Ivory Coast, November 16, 2018/APO Group/ —

The Board of Directors of the African Development Bank (www.AfDB.org) has approved its third equity investment of US$40 million in Africa Infrastructure Investment Fund (AIIF3), a closed-ended pan-African infrastructure fund managed by South Africa-based Africa Infrastructure Investment Managers (AIIM).

AIIM is one of Africa’s most experienced infrastructure fund managers. The Fund will focus on acquiring positions of significant influence in roads, airports, rail links, bridges, ports, logistics, power generation, utility distribution, as well as telecommunication assets. AIIF3 boasts an extensive pipeline of bankable or near-bankable infrastructure projects. Having reviewed hundreds of potential investments, AIIM has narrowed down a pipeline of circa US$ 500 million, including key projects such as: Bugesera Airport, Libreville Bypass, and Kampala-Jinja Expressway.

The proposal represents the Bank’s third investment with this fund manager, following a 1996 investment in SAIF and a 2010 investment in AIIF2. With this, the African Development Bank stands to have positive additional role through this investment, given that the fundraising market continues to be very challenging, leaving an important role to be played by DFIs. 

Commercial and institutional investors are likely to view the Bank’s investment as a positive demonstration effect. The Bank’s investment will also ensure the highest environmental and social standards are applied to AIIF3.

In terms of development outcomes, AIIF3 will create a quantifiable and measurable social and environmental impact by supporting energy and transport infrastructure access across Sub-Saharan Africa. The Fund will support the creation of over 1,500 jobs at the project level and enhance capacity building and skills-transfer.

In his presentation to the Board, the Bank Group’s Director of Infrastructure and Urban Development, Amadou Oumarou, said that private equity in Africa remains a nascent sector. “The recent downturn in global commodity prices and a reorientation away from private equity in Africa by a few DFIs have lowered fundraising expectations across the board. This is negatively affecting the availability of equity capital for Africa’s infrastructure space. In this sense, the Bank would play a counter-cyclical role through this investment,” he said.

AIIF is Africa-based and features five regional offices in South Africa, Nigeria, Cote d’Ivoire, and Kenya. This translates to on-the-ground knowledge and strong relationships to source infrastructure investment opportunities.

This Equity Investment is fully aligned with with the Bank’s operational priorities and the High 5s, particularly ‘Industrialize Africa,’ ‘Light up and Power Africa,’ and ‘Integrate Africa’. It will sustain the development of Africa’s infrastructure market.



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Buhari appoints Amokachi as SA on sports

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Buhari appoints Amokachi as SA on sports

Former Super Eagles player and Nigerian Football Ambassador, Daniel Amokachi, has been appointed as Special Assistant on Sports to President Muhammadu Buhari.

“I am pleased to inform you that Muhammadu Buhari, President of the Federal Republic of Nigeria has approved your appointment as Special Assistant on Sports,” the appointment letter dated August 17, 2020, and signed by the Secretary to the Government of the Federation Mr. Boss Mustapha, reads in part.

As special assistant on sports, Amokachi is expected to advise the President on all sports matters.

The former Everton of England forward, who was earlier in the year named Nigeria’s Football Ambassador, is expected to mentor youngsters and promote the game at the grassroots.

Nicknamed “The Bull”, Amokachi began his career in Kaduna with Ranchers Bees Football Club of Kaduna, played for Club Brugge of Belgium, Besiktas of Turkey, Everton of England and Colorado Rapids.

He played in two World Cup finals, USA 1994 and France 1998. He was a member of Nigeria’s 1994 African Cup of Nations winning team and won the 2013 edition in South Africa as assistant to the late Coach Stephen Keshi.

Amockachi also won Gold with team Nigeria in the Football event of the Atlanta 1996 Olympics.

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Tennis: Djokovic confirms US Open participation

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Tennis: Djokovic confirms US Open participation

Novak Djokovic confirmed on Thursday he will play at the US Open, ending speculation about his presence at the first Grand Slam tournament since the season restarted following the coronavirus-enforced shutdown.

“I’m happy to confirm that I’ll participate at #CincyTennis and #USOpen this year,” the 33-year-old world number one tweeted.

“It was not an easy decision to make with all the obstacles and challenges on many sides, but the prospect of competing again makes me really excited,” added the 17-time Grand Slam champion.

The US Open gets underway behind closed doors in New York on Monday August 31, with Djokovic arriving in the United States on Saturday to tune up in the Western and Southern Open, which is normally played in Cincinnati but has been moved to New York this year.

His decision to take part is a major boost for the US Open after a host of headline names pulled out.

Djokovic makes his competitive return after being heavily criticized for hosting a charity tennis event in the Balkans in June at which he and a raft of players tested positive for COVID-19.

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Sam Okwaraji: NFF begins process to retire Eagles No.6 jersey

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Sam Okwaraji: NFF begins process to retire Eagles No.6 jersey

The Nigerian Football Federation (NFF) is pondering a move to retire the Super Eagles No.6 jersey previously worn by the late Sam Okwaraji, The PUNCH reports.

NFF President Amaju Pinnick made this known during an interview on a radio programme Sports Salsa, which was aired on Kennis 104.1 FM on Wednesday.

Okwaraji died of congestive heart failure minutes after he slumped during a 1990 World Cup qualifier between Nigeria and Angola on August 12, 1989, inside the main-bowl of the National Stadium, Lagos.

The game ended 1-0 in favour of the Eagles.

“Someone made a proposal about retiring the jersey (No.6) at the start of the year and I think it is not too much for us to do that,” Pinnick said.

“I will forward the proposal to the executive committee for implementation because it has been said already. So, we will see how we can retire that shirt in honour of a great patriot (Samuel) Okwaraji.

“His (Okwaraji) death was very tragic because he was a player who showed dexterity, professionalism and maturity each time he played for the Eagles.”

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