Sierra Leone's economic growth and infrastructure development are set to receive a boost as it becomes one of the 14 beneficiaries of the African Development Bank's Pembani Remgro Infrastructure Fund II. This Fund, initially investing US$20 million in Côte d'Ivoire, aims to secure up to $400 million from private, commercial, and institutional investors to support industrial and infrastructure projects throughout Africa.
The selected countries, including South Africa, Kenya, Ghana, Nigeria, Uganda, Zambia, Mozambique, Botswana, Namibia, Côte d'Ivoire, Sierra Leone, Ethiopia, and Rwanda, will benefit from the allocated funds. These resources will be channeled into various projects, with a strong focus on digital infrastructure, renewable energies for sustainable energy transitions, logistics and transportation, waste recovery, and heating, ventilation, and air conditioning to promote energy efficiency.
The significance of addressing the infrastructure funding gap in Africa cannot be overstated, as it currently faces an annual deficit of approximately $100 billion. Therefore, the investment strategy of the AfDB through Fund II holds immense potential in fostering resilient regional value chains and advancing infrastructure technologies across the continent.
Wale Shonibare, the Director of AfDB's Energy Financial Solutions, Policy, and Regulation Department, stressed the importance of bridging the infrastructure gap for sustainable development in Africa. He highlighted how the Bank's support enables investment funds like Pembani Remgro Infrastructure Managers to mobilize funds for crucial industrial and infrastructure projects across the continent, benefiting not only economic growth and job creation but also contributing to climate change mitigation, health, and education advancements.
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, participating in the Pembani Remgro Infrastructure Fund II presents a golden opportunity to attract investments and propel its industrial and infrastructure projects forward. As the Fund initiates its investment activities, it is expected to catalyze economic growth and significantly contribute to the overall development of the African continent.