In 2011, Ozwald Boateng, in collaboration with Nigerian businessman, Kola Aluko, and Nigerian oil and gas company, Atlantic Energy, agreed to establish a multi-million dollar charitable organisation, the Made In Africa Foundation, to focus on first-stage funding of infrastructure projects in Africa.
The goal of the foundation is to provide “first mile” finance to Africans and African businesses involved in the development of major infrastructure projects in the region. Finance will be awarded for the drafting of feasibility studies and business plans ahead of seeking project finance from sources such as private equity, development finance institutions and commercial banks.
In 2013, the foundation partnered with the African Development Bank (AfDB) to co-manage and market initiatives that will catalyze funding for Africa’s largest infrastructure delivery vehicle created-to-date, the Africa50 Infrastructure Fund. With the critical objective of reducing the timing required to develop infrastructure projects in Africa, Africa50 is the result of experience and innovation. Over the past five years, AfDB has delivered over $5.4 billion in critical infrastructure investment in Africa through private sector and public-private partnership financing.
Among the projects earmarked by Africa50, the Grand Inga Dam is the flagship project. The Grand Inga Dam is a proposed hydroelectric dam on the Congo River at Inga Falls in the Democratic Republic of the Congo (DRC). The plan is for Grand Inga to generate 44,000 MW of power, which would be double the capacity of the largest dam in the world, the Three Gorges Dam in China. Furthermore, the dam could double the electricity available on the continent. The Grand Inga Dam is the world’s largest carbon emissions reduction scheme.
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