The Africa50 initiative has invested more than $6.6 billion in critical infrastructure in six years, African Development Bank (AfDB) Group President Akinwumi Adesina said on Monday.

The investments covered 21 national and regional infrastructure projects in 22 countries.

Africa50 is an investment platform established by African governments and AfDB to mobilise financing for mega infrastructure projects.

Speaking at the Africa50 Infra Forum and General Shareholders Meeting in Lomé, Togolese President Faure Gnassingbé said there is a huge need for infrastructure across the continent, which is indeed a condition for development.

“Without roads, bridges, airports, hospitals, schools, power, communication networks, and water supply, there is indeed no possible development in Africa,” he added.

African and global institutional investors signed subscription agreements and letters of intent to commit funds to the $500 million African Infrastructure Acceleration Fund - the first private vehicle infrastructure platform launched by Africa50.

AfDB is investing $20 million in equity in the fund, which will catalyse further investment flows to develop critical infrastructure across the African continent.

AfDB’s Adesina said Africa50 was rapidly playing a strategic role in closing Africa’s infrastructure financing gap, from energy to transport and logistics to digital infrastructure.

“At the heart of our work is to help close the $68 to $108 billion annual infrastructure financing gap for Africa.,” he added.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)