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In a move that promises to bolster Sierra Leone’s economic growth and infrastructure development, the country has been chosen as one of the 14 beneficiaries of the African Development Bank’s (AfDB) Pembani Remgro Infrastructure Fund II.
The Fund, with an initial investment of US$20 million in Côte d’Ivoire, aims to leverage up to $400 million from private, commercial, and institutional investors to support industrial and infrastructure projects across Africa.
The countries set to benefit from the Fund include South Africa, Kenya, Ghana, Nigeria, Uganda, Zambia, Mozambique, Botswana, Namibia, Côte d’Ivoire, Sierra Leone, Ethiopia, and Rwanda.
The allocated funds will be directed towards various projects, with a particular emphasis on digital infrastructure, renewable energies for energy transition, logistics and transport, waste recovery, and heating, ventilation, and air conditioning—all geared towards promoting energy efficiency.
The importance of addressing the infrastructure funding gap in Africa cannot be overstated, with an annual deficit of approximately $100 billion. Therefore, the AfDB’s investment strategy through Fund II holds tremendous potential in creating resilient regional value chains and advancing infrastructure technologies in the continent.
Wale Shonibare, the Director of the AfDB’s Energy Financial Solutions, Policy, and Regulation Department, emphasized the significance of bridging the infrastructure gap for sustainable development in Africa.
He highlighted how the Bank’s support helps investment funds like Pembani Remgro Infrastructure Managers mobilize funds for crucial industrial and infrastructure projects across the continent.
He noted that such investments not only stimulate economic growth and job creation but also contribute to climate change mitigation and advancements in health and education.
The Fund’s investment strategy aligns seamlessly with the African Development Bank’s Ten-Year Strategy, which prioritizes green and inclusive growth. This alignment underscores the Bank’s commitment to sustainable development in its priority areas.
For Sierra Leone, being part of the Pembani Remgro Infrastructure Fund II presents a golden opportunity to attract investments and propel its industrial and infrastructure projects forward.
As the Fund commences its investment activities, it is expected to catalyze economic growth and contribute significantly to the overall development of the African continent.
