Casablanca, 12 February 2024 – Africa50, the pan-African infrastructure investment platform, today announced that the Republic of Mozambique has started the onboarding process to become its new shareholder during a signing ceremony in Maputo.

Honourable Ernesto Max Elias Tonela, Minister of Economy and Finance of the Republic of Mozambique signed the Share Subscription Agreement on behalf of the Government, committing the country to take the necessary steps to become an Africa50 shareholder.

In joining Africa50, Mozambique will benefit from accessing world-class project development and financing expertise, fast-track the implementation of its infrastructure programme by catalyzing the participation of the private sector significantly contributing to spurring economic growth and development.

When the onboarding process is completed, Africa50’s total number of shareholders will increase to 35, comprised of 32 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.

The Share Subscription Agreement signing by Mozambique follows the recent conclusion of a Memorandum of Understanding between the Republic of Mozambique and Africa50 during COP28 to develop four projects including three solar PV plants for 260MW – one of which is the first 100MW floating solar on the continent, and 400km of transmission lines under a Public Private Partnership Framework.

Minister Ernesto Max Elias Tonela, said, “As we accelerate the development of critical infrastructure to meet the needs of our citizens, it is imperative to find the right partner to develop and catalyze financing into these projects and Africa50 has proven to be that partner. We are delighted to join Africa50 as a shareholder and look forward to supporting the vision of closing the continent’s infrastructure gap while bringing development to our people”.

“Africa50 is delighted to have Mozambique as an important partner in our journey to closing the continent’s infrastructure gap. We are pleased to be already actively working with the government on transformative clean energy and transport projects. We look forward to supporting the country’s infrastructure development vision through private investments and public private partnerships”, said Alain Ebobissé, CEO of Africa50.

Africa50 has made 24 investments across the continent, with an aggregate value of over US$7.1 billion. In the energy sector alone, over 17 million people are accessing reliable and cleaner electricity as a result of projects financed by Africa50. In addition to its investments in energy, Africa50’s diverse portfolio of investments includes sectors such as transport and logistics, ICT, midstream gas, education, healthcare as well as fintech.