BCG Report Africa May 2017
BCG Report Africa May 2017
BCG Report Africa May 2017
Financing in
Sub-Saharan Africa
BEST PRACTICES FROM TEN YEARS IN THE FIELD
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This report is a joint effort of BCG and the Africa Finance Corporation, focusing on the climate for
infrastructure investment in Sub-Saharan Africa. The key chapters of the report cover the
logistical, financial, and sociopolitical challenges of infrastructure investment in the region; key
considerations and strategies for governments to take into account in pursuing such investments;
and corresponding considerations and strategies for private investors to weigh in doing the same.
The remaining material in the report consists of ten case studies of major infrastructure projects
in the region, and appendixes containing lists of resources and projects for reference.
INFRASTRUCTURE
FINANCING IN
SUB-SAHARAN AFRICA
BEST PRACTICES FROM TEN YEARS IN THE FIELD
5 CONTRIBUTORS
6 EXECUTIVE SUMMARY
4 3 APPENDIXES
Appendix 1: AFC Profile
Appendix 2: Checklists
Appendix 3: Country Attractiveness Ranking
Appendix 4: Key Players
Appendix 5: List of Deals
6 2 AUTHORS
63 BIBLIOGRAPHY
The World Banks just-released report Africa Pulse points out that
closing the infrastructure gap in Sub-Saharan Africa would increase per
capita GDP by 2.6% a year. Analysts have estimated that the total
financing requirements is about $92 billion per annum. Only about half
of this amount can be raised from domestic revenues, DFIs, PPPs, natural-
resource-backed contracts, bilaterals, and the like. PPPs have made a
significant contribution to infrastructure development in the region, but
they are not a panacea. They remain complex both in negotiation and
execution.
Nevertheless, remarkable progress has been made over the past ten years
in developing and completing infrastructure projects that involve joint
financing by public entities and private investors, especially in the
domains of IT and transport. Several countries have completed or are on
the verge of completing major railway projects of a transformational
character, such as the Addis-Djibouti high-speed rail and the Mombasa
Nairobi standard-gauge railway.
In the relatively few years of its existence so far, the AFC has carved out a
niche for itself as a reliable partner in infrastructure development. Its
contributions are widespread and continue to grow. In my previous
assignments, I took great pleasure in seeing the AFC rise in stature and
financial muscle as a results-oriented institution with a clear mission.
For this impressive journey and for the AFCs achievements over the past
decade, I commend the organizations board, management, and staff.
And a special thank you for the contribution of Kinga Plawik - A BCG
associate from our Warsaw office, as well as to the broader AFC team
for their relentless efforts on the ground work in order to make this
report possible.
We would also like to thank Wiebe Boer, a Principal at the Boston Consulting
Group at the time who was involved in this report since its conception.
Finally, we also wish to acknowledge the work done by the AFC Steering
Committee for this report Andrew Alli (AFC CEO), Adesegun Akin-
Olugbade (AFC COO & General Counsel) and Oliver Andrews (AFC Chief
Investment Officer) - for all their support and valuable insights, as well as
complete around the clock availability to the team.
Financial systems, too, need upgrading. Only the banking sectors of South
Africa and (to a lesser extent) Nigeria currently offer financial markets
sound enough to be tapped for infrastructure projectsalthough, in a
similar vein, Kenya has developed a framework for infrastructure bonds.
That money is not flowing freely into Africa in pursuit of higher expected
returns reflects these challenges, which must be addressed if the
infrastructure gap is to close. Indeed, these challenges have resulted in
relatively few projects reaching a bankable stage.
Private investors, too, have much to learn. They must understand the
challenges that are distinct to infrastructural investment in Africa, and
they must develop the patience, resilience, and risk appetite that the
environment demands. They should also recognize that the most
successful investors possess an entrepreneur and engineer mentality and
engage fully with projects on the groundfrom concept to bankable
project and throughout execution. Engaging with and earning the
confidence of host communities is another requirement.
Many projects that include private investors run into severe challenges
because of an initial lack of fairness and balance between the parties to
the contract An infrastructure project that involves both public and
private sectors should be crafted in a way that it is not skewed toward
either party, and it should include built-in revision clauses in case the
context changes in an unforeseen way.
This report, developed collaboratively by the The public sector finances two-thirds of the
AFC and BCG, focuses on private investment $3 trillion investment, but that percentage is
in power and transport infrastructure in Sub- likely to fall as strains on public budgets
Saharan Africa. It is intended as a resource for increase and private infrastructure
governments and investors that are interested investment becomes more widely accepted.
in investing in African infrastructure, and to In some places, such as Western Europe,
that end it attempts to accomplish three where the public contribution to funding is
things: down to 40%, the private sector is now the
largest investor in infrastructure.
Identify what makes investing in
infrastructure in Africa both challenging and Of the $50 trillion needed globally for
highly rewarding. infrastructure through 2030, around 80% is
needed for core infrastructure: 47% (around
Recommend best practices for governments $23.5 trillion) for transport infrastructure,
and for private investors, drawn from years including roads, rail, ports, and airports; 25%
of industry experience by the AFC and other (around $12.5 trillion) in power projects; and
key players in the field. 10% (around $5.0 trillion) in water projects.
Highlight past projects, analyze empirical We expect the rest of the world to follow
evidence, and identify lessons learned. Western Europes lead in relying increasingly
Private Public
3,003 1,113 3,003
3,000 3,000
18% Social
10% Water & Waste
2,000 882 2,000
25% Electricity
Ports
485
1,000 1,000 5%
18% 4% Airports
153 164 Rail
134 73 20% Road
0 0
Total Asia Western North Latin Central Middle Oceania Global
Europe America America & East East &
Europe Africa
37% 29% 16% 5% 5% 4% 2%
Notes: Monetary figures are in US dollars. Coverage extends to 69 countries, equal to approximately 96% of World GDP. There is some possibility
of overestimation of private participation, particularly in Western Europe, due to the classification methodologies used by different sources. The
largest economies without data on public investments are Japan, Korea, Netherlands, and Turkey.
Source: IHS Global Insight; World Economic Forum; World Bank, International Monetary Fund; European Investment Bank; Vnesheconombank;
Morgan Stanley; Deutsche Bank; ICBC; Canadian Imperial Bank of Commerce; Rosstat; US Census; Programa Nacional de Infraestructura
Mexicano; press research; BCG analysis.
Exhibit 2 | The Range of Ways the Private Sector Can Invest in Infrastructure
Assets that are 100% private-sector-owned The cases of Brazil and Turkey are
and -operated in perpetuity (as is the case particularly enlightening with regard to what
with most ICT investments). can be achieved when governments cater to
the needs of private investors in order to
boost their share in infrastructure
Private investment in emerging investments. (See the sidebar Emerging
countries markets to learn from: The story of Brazil
In most emerging economies, public budgets and Turkey for a description of these two
and skills are insufficient by themselves to case studies).
deliver the infrastructure projects needed to
sustain economic and demographic growth.
Among low- and middle-income countries, Private infrastructure investing
three of the four BRIC nationsBrazil, India, in Africa
and China, but not Russiahave the greatest Although there has undoubtedly been
cumulative experience of public-private progress in recent years, private investment in
partnership projects and most the capital infrastructure in Africa remains weak and
invested. (See Exhibit 3.) Most countries in underdeveloped compared to such investment
Asia and South America already have in other emerging regions. Estimates of the
substantial private investment in annual infrastructure investment gap put it at
infrastructure, as well as substantial project around $100 billion. Power accounts for 40%
development and execution experience. of total spending needs, followed by water
supply, sanitation, and transport.
658
73
296
Russia
227
124
121
433
47 Turkey
India China 41
Eats
33 Asia and
Mexico
Philippines Pacic
South and 41
Central Thailand
Brazil 77
America Colombia # PPP projects Cumulative investment
(19912015) (in $billions)
31 Sub- >100 2011- 2015
27 30- 100 2006- 2010
Saharan
Chile Africa 10- 29 2001- 2005
Argentina <10 1991- 2000
Note: Infrastructure efforts counted include electricity, transport, and ICT projects. Subcategories of projects include management and lease
contracts, brownfield projects, greenfield projects (excluding merchant contracts) and divestiture.
Source: The World Bank and Public-Private Infrastructure Advisory Facility (PPIAF), Private Participation in Infrastructure Database, 2016, http://
ppi.worldbank.org/index.aspx.
Brazil and Turkey are among the top five In contrast, Turkeys experience included a
emerging market economies for private mix of new investment and privatization of
sector infrastructure investment over the existing infrastructure. Private investment
past 20 years. Both offer models for any in infrastructure, which rarely exceeded $1
nation looking to unlock such investment. billion per annum before 2007, skyrocketed
In Brazil, private sector investment in in 2008, for several reasons.
transport and electricity infrastructure has
topped $300 billion since 1995. The country First, Turkey undertook several large-scale
has received more investment than any privatization projects, including power
other emerging nation; Turkey has received plants valued at more than $5 billion,
$115 billion. deregulating the generation sector and
enabling a cost recovering tariff system.
In the 1990s, Brazils government began Second, the Ministry of Development
reducing public investment in drafted an umbrella law in 2007 to govern
infrastructure and making privatization an public-private partnerships. Although not
economic priority. Initially focused on yet enacted, this law led to the creation of
state-owned companies, the process soon a dedicated PPP department within the
incorporated public enterprises that were Ministry of Development, enhancing the
responsible for infrastructure. Legislation in governments capacity to execute PPP
1995 created comprehensive rules contracts across sectors and across
governing public service concessions, ministries, concentrating knowledge and
opening key sectors of infrastructure facilitating coordination. These changes
(including telecommunications, electrical and other reforms resulted in the signing
power, and transportation) to private of more than 124 PPP contracts, with a
investment. projected investment value of over $43
billion for the 2008 to 2013 period
These policy changes, coupled with an around $9 billion per year, about nine
aggressive public corporate financing times greater than the historical values
program, caused investment to flow into before reform.
Brazil, although investors initially focused
on the known quantities of privatized Both countries have recently suffered
enterprises and existing infrastructure. political turbulence, but they still offer
From 1995 to 1999, greenfield projects valuable lessons. In Brazil, investors were
accounted for less than 4% of private sector drawn initially by the privatization of
infrastructure investment in electricity and existing industries, with more risky
transportation infrastructure. greenfield projects arriving later. Although
privatization led to some investment in
Private investment flowed more slowly Turkey, the driving forces there were
after 2000, but it also changed direction. improved coordination, incentives, and
Since 2002, more than two-thirds of the significant reform. In both countries,
private sector projects each year in improvements in the investment
transportation and electricity infrastructure environment reduced uncertainty and
have been greenfield. Concessions have not strengthened investor confidence.
completely filled the investment gap left by
public spending cuts, but they have
significantly reduced infrastructure gaps in
the power and transport sectors.
Mining Urban
roads
Other
and rail
transport
associated with mining, which are almost overvalued assets have squeezed the value of
completely driven by the private sector. investments. Many transformational projects
have enormous economic potential across the
In Sub-Saharan Africa, private investment in continentprojects valued at $50 million or
core power and transport infrastructure has above were worth $324 billion in 2016. With
been limited to only $51 billion over the last the right approach and mindset, private
25 years. That figure is very low considering investment in African infrastructure can be
the scale of the opportunity and the levels of highly remunerative and can play a
private investment in core infrastructure in significant role in transforming the continent
other parts of the world. Although for the better. Now is the time for the private
investment in power generation has spread sector to turn to Africa.
across a reasonable number of projects and
countries, relatively few transport sector
transactions have occurred. (See Exhibit 5.)
INVESTMENT IN PROJECTS, BY SECTOR (IN $BILLIONS) PROJECTS REACHING FINANCIAL CLOSURE, BY SECTOR
Investments Number of projects
120 225
199
184
112.4
15
28.1 150 97
46
52.3 32.5
43
21.6 10.4
23.6 75 48
10 54
5.4 0.2
4.2 4.6 80 25 5
10.4 2.7 0.6 11 18 0 13 2 14 2
2.0 2.0
2.7 0.3 4.0 0.3 0.5 29 29 8 4
0
2.7
1.4 0 9 1 3 8 2 2
6 7
ICT Electricity Ports Railways Airports Roads ICT Electricity Ports Railways Airports Roads
Source: The World Bank and Public-Private Infrastructure Advisory Facility (PPIAF) Private Participation in Infrastructure Database, 2016.
Blended Blended
AFC ACWA AIIM
AIIM AFC Harith/PADF (SSA)
Harith/PADF (SSA Only)
Private Private
Rwanda
Enabling legislation and deal ow
(19912015)
Zambia Enabling legislation with deal ow
Mauritius Enabling legislation but no deal ow
No enabling legislation
South Africa No enabling legislation but deal ow
Established players also point to improving To achieve critical mass and balance sheet
transparency, which makes it easier for strength more quicklyin order to facilitate
investors to engage in the field. There is still a access to capital markets and to protect
long way to go, but governments are slowly against cost overruns and skills shortages
making regulatory changes while building investors have begun using a platform model
their own capacity to negotiate deals. to help design infrastructure project deals.
The AFC is currently using this approach in
Thanks to better planning and organization, the power and transport sectors. Under this
projects increasingly come to the market in model, investors have established
the form of multiple-project programs, as independent companies that incorporate a
opposed to individual projects, enabling the number of power or transport assets owned
scaling of investment. South Africas by the partners; these companies then do
Renewable Energy Independent Power deals in their respective sectors using their
Producer Procurement Programme own balance sheets. A recent example is the
(REIPPPP), which aims to accelerate private merger of power assets between AFC and
investment in renewable energy, illustrates Harith into a single joint venture.
how effective these efforts can be. The first Traditionally, investors have undertaken
wave of competitive bids in 2011 led to the power projects in Africa one by one, each
selection of 28 bidders offering 1,416MW project requiring unique structures and
(megawatts) of power generation for a total financing. This new merging of resources will
investment of nearly $6 billion. The program create an independent pan-African power
continued to grow, and by 2014 it had yielded company that can execute deals more
total commitments of $14 billion efficiently. Instead of raising funds project by
Countries that have begun improving Development partners can provide technical
conditions for private investment can learn support and capacity, but governments must
from each other, adapting solutions to local make sure that the support helps develop
conditions. domestic talents so that they dont have to rely
on foreign experts in perpetuity. The AFC has
For large infrastructure projects, frequent built a team of highly technically skilled
policy reversals tend to be more damaging Africans, many of whom have extensive
than non-existent legislation. Governments experience outside Africa. The growing
should set a course and stick with it, educated and ambitious African diaspora
enshrining policies beyond election cycles so represents another pool of talents to tap into.
that they cannot be easily changed when
officials move on to other posts or a new Institutional capabilities are another priority.
administration comes to power. Governments should establish one-stop shops
for investors along the lines of those
Once legislation is in place, a government pioneered in Rwanda, South Africa, Cte
should identify a pioneering project to dIvoire, and Gabon. These entities combine
illuminate the path toward private executive authority with financial and human
investmentshowing how deals can be done, capacity, enabling them to improve and
how laws should be interpreted, and how the accelerate decision making and help
new policy works in reality. The government disseminate standardized tools and
should also accumulate know-how and knowledge. The roles and responsibilities of
templates of successful approaches to the other agencies involved in infrastructure
various aspects of investment deals, with the especially PPPsshould be clearly defined.
TRANSPORT DEALS
1 Henri Konan Bdi Bridge, Cte d'Ivoire
GOVERNMENT PROGRAMS
7
8 BNETD, Cte d'Ivoire
The LTWP consortium also established a The bridge first appeared in development
charityWinds of Change Foundation plans in 1952. But not until 1997 did the
(WoC)to improve the lives of people in the government of Cte dIvoire create the regula-
surrounding community. Initiatives aimed at tory framework for private road concessions,
improving education and quality of life have signing an agreement with Socoprim, a
included a solar-powered reverse osmosis subsidiary of the Bouygues Group, to construct
system in Sarima village, improved equipment and operate the bridge. The deal was closed
for the Burri-Aramia dispensary, and support and work was ready to commence in 1999 but
for 23 schools in the form of teaching the project halted when a military coup
materials and refurbished classrooms. occurred, leading to nearly a decade of
political unrest and civil war. The project
Improved regional integration is another remained suspended until the return of peace
benefit, through connection of the and stability in 2011. Construction began in
landlocked Great Rift Valley region to the 2011, with an agreement for a 30-year opera-
rest of the country over the improved tion period, after which the bridge will become
infrastructure linked to the wind farm, government property. Construction was
including a road, fiber-optic cable, and completed in 2014 and the bridge began
electric power. One example is the upgrade operating that same year.
of the $36 million, 207-kilometer C77 public
road from Laisamis to Sarima, which has Recognizing that the novelty of the project
opened up the area, reduced travel times to and the postconflict environment made the
Loiyangalani and Laisamis, and allowed project risky, the government asked lenders
easier access to Lake Turkana. how to provide them the needed comfort to
participate in the project. This resulted in the
Nevertheless, delays by the Kenyan governments making two additions to the
government in guaranteeing adequate original concession agreement: a sizable
transmission connection to the grid have subsidy of 50 billion CFA francs
hindered the LTWP project. These delays (approximately $81million), and a minimum
have been costly for the investors, and they revenue guarantee during the loan
raise the issue of risk associated with repayment period.
noncompliance by governments with regard
to their responsibilities in adjacent Bouygues Group, as the anchor investor of
infrastructures that are key to enabling the Socoprim, led the project throughout as the
investment to generate its expected returns. main sponsor. It carried out the construction,
organized the operation phase and staff
training, and now provides assistance with
Case Study 7 | Persistence and Com- infrastructure management (especially
munity Engagement: Henri Konan tolling) and maintenance. Among the other
Bdi Bridge, Abidjan, Cte dIvoire investors and lenders were the Africa Finance
The construction and tolling of the Henri Corporation (AFC), African Development
Konan Bdi Bridge in Abidjan, Cte dIvoire, Bank, FMO, Pan African Infrastructure
offers a best-practice example of assembling a Development Fund, Banque Ouest Africaine
Project developers
Technical aspects Governance aspects
Bankable Feasibility studies carried Governance structure designed
out Does it comply with regulation
Technical Studies carried out Does it include clear roles and
Economic and market studies responsibilities
carried out Construction phase planned
Demand forecasting, if Project Management Oce
appropriate, carried out included
Financial analysis conducted Clear milestones and deadlines
Is the business case robust and set
sophisticated? Handover plan created from
Environmental compatibility construction to operation
assessment carried out Comprehensive operation and
Environmental impact assessment maintenance plan created
carried out
Socioeconomic cost benet analysis
carried out
Buy-in and leadership of high level
political champions secured
Project-supporter identied in
the government
Policy makers
Long term planning Enabling environment for
private investment
Consistent policy plan created
Does it outline a steady Legislation enabling private
infrastructure project pipeline? investment in infrastructure
Does it leverage other countries' created
experience? Does it encourage private
Can the policy be stable in the investment in infrastructure?
long term? Does it clearly dene the roles,
A centralized infrastructure responsibilities and rights of
development agency in the country various parties?
established Does it allow unambiguous
Strategic subsidies created for interpretation by regulators?
projects that require government Required time to obtain approvals
support minimized
Competitive, transparent tender
Cooperation with other players processes dened
Arm's length relations with
regulators
Clear understanding of the proles
of the key appointments for the
regulator
Proparco
151, Rue Saint Honor
75001 Paris
France
Phone: + 33 1 53 44 31 08
E-mail: [email protected]
Actis
2 More London Riverside
London SE1 2JT
United Kingdom
Phone: +44 20 7234 5000
E-mail: [email protected]
Carlyle Group
3 Melrose Boulevard
Melrose Arch
Melrose North 2196, Johannesburg
South Africa
Phone: +27 11 034 2000
EQT Partners
Hovslagargatan 3
SE-111 48, Stockholm
Sweden
Phone: +46 8 506 55 300
Harith
1 Chislehurston
34 Impala Road
Sandton 2196, Johannesburg
South Africa
Phone: +27 11 384 4000
E-mail: [email protected]
Investec
100 Grayston Drive Sandown
Sandton 2196, Johannesburg
South Africa
Phone: +27 11 286 7000
Attijariwafa Bank
Boulevard Moulay Youssef 11141
Casablanca 20000
Morocco
Tel: +212 522-224169
E-mail: [email protected]
Aeroports de Paris
291 boulevard Raspail
75014 Paris
France
Phone: +33 1 70 36 39 50
Ascendi Group
Av. Cceres Monteiro, N 10 2 Dir
Arquiparque II Edificio A
1495-192 Algs
Portugal
Phone: +351 218 436 650
E-mail: [email protected]
ContourGlobal
Route dAneho 01
BP 3662 Lom
Togo
Phone: +228 22 23 74 00
E-mail: [email protected]
Eiffage
3-7 place de lEurope
78140 Vlizy-Villacoublay
France
Phone: +33 01 34 65 89 89
Electrawinds
Fortstraat 27
8400 Oostende
Belgium
Phone: +32 (0)59 32 65 91
E-mail: [email protected]
Eskom Holdings
Megawatt Park, Maxwell Drive Sunninghill
Sandton, Johannesburg
South Africa
Phone: +27 11 800 8111
Mota-Engil Group
Rua do Rego Lameiro, N 38
4300-454 Porto
Portugal
Phone: +351 225 190 300
E-mail: [email protected]
Odebrecht
Via A1 - Av. Talatona
Condomnio Belas Business Park
Torre Bengo - 7 andar, Luanda
Angola
Phone: +244 222 67 8000
SDC Investimentos
Rua de Santos Pousada, 220
4000-478 Porto
Portugal
Phone. +351 22 242 10 60
E-mail: [email protected]
SNC-Lavalin
455 Ren-Lvesque Blvd. West
Montreal, Quebec H2Z 1Z3
Canada
Phone: +1 514 393 1000
Financial Total
closure Investment
# Country year Project name Sector ($ millions)
1 2007 Luanda Container Terminal Transport 53
Angola
2 2009 Luapasso Mini Hydropower Plant Energy 120
3 2009 Container Terminal Cotonou Port Transport 489
Benin
4 2013 Benin Electricity Distribution Company Energy 32.25
5 Botswana 2011 KSE Orapa and Mmashoro IPP Energy 104
6 2009 Dibamba Power Plant Energy 126
Cameroon
7 2010 Kribi Power Plant Energy 342
8 Cape Verde 2010 Electra Cabeolica Wind Project Energy 80
9 2008 Pointe-Noire Container Terminal Transport 735
Congo,
10 2008 Pointe-Noire Container Terminal Transport n.a.
Republic of
11 2010 Brazzaville, Pointe Noire and Ollombo Airports Transport n.a.
12 2014 Henri Konan Bdi Bridge Transport 365
Cte dIvoire
13 2015 Singrobo Hydro Power Plant Energy 120
14 Djibouti 2007 Doraleh Container Terminal Transport 396
15 Ethiopia 2014 Daewoo Aysha Wind Farm Energy 120
16 2011 CODER FE II SHPP Energy 234
Gabon
17 2012 CODER Ngounie Imperatrice SHPP Energy 124
18 2006 National Water and Electricity Company Energy n.a.
Gambia, The
Management Contract
19 2007 Osagyefo Power Barge Energy 100
20 2007 Sunon-Asogli Gas Fired Power Plant Energy 200
21 2011 Sunon-Asogli Gas Fired Power Plant Energy 360
Ghana
22 2009 Tema Osonor Plant Limited Energy 140
23 2013 Takoradi 2 Thermal Power Expansion Energy 440
24 2014 Kpone Independent Power Project Energy 900
25 Guinea 2009 Port of Conakry Concession Transport 159
26 2006 Kenya Electricity Generating Company Limited Energy 108.8
27 2006 Kenya Power and Lighting Company Manage- Energy n.a.
ment Contract
Kenya
28 2006 Kenya-Uganda Railways Transport 404
29 2008 Mumias Power Plant Energy 50
30 2008 Rabai Power Plant Energy 155
From BCG
Luis Gravito is a Senior partner of BCG and Jared Haddon is the Sector Manager of the
the leader of our Lagos office where Infrastructure Sector at BCG and is based out
infrastructures area priority for our practice. of Singapore. Prior to joining BCG, Jared
He has more than 25 years of strategy and worked in the Public-Private Partnership
complex transformation consulting Solutions Group at the World Bank in
experience across Europe, South America and Singapore and Washington DC. Before
Africa, both for governments as well as for concentrating his work mainly on PPPs, Jared
large private corporations. spent several years working on general
infrastructure policy topics and transport
Mr. Gravito can be contacted at: infrastructure at the World Bank.
[email protected]
Mr. Haddon can be contacted at:
[email protected]
From AFC
Andrew Alli is CEO of Africa Finance Alice Usanase is the Special Assistant &
Corporation and responsible for the overall Chief of Staff to the CEO of Africa Finance
strategy and operations of the Corporation. Corporation, responsible for Corporate and
The Executive Management under his Strategy Planning. Prior to joining AFC, Ms.
leadership has undertaken over US$4.6 Usanase worked within the Financial and
billion in investments across Africa. Until his Private Sector Development Group of the
appointment, he was a partner at Travant World Bank and the Trade and
Capital having previously served in the Competitiveness Unit of IFC.
International Finance Corporation (IFC) as
Country Head for Southern Africa. Ms. Usanase can be contacted at:
[email protected]
Mr. Alli can be contacted at:
[email protected]
Ernst & Young. Africa 2030: Realizing the Possibilities. 2014. EY.
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