AD Ports Group Signs Infrastructure Agreement With Africa Finance Corp
The partnership will boost infrastructure development across Africa.
AD Ports Group, a UAE company that operates ports, industrial zones, and logistics, will collaborate with the Africa Finance Corporation (AFC) to provide infrastructure solutions across Africa.
The agreement will provide the framework to identify, finance, develop and invest in ports, warehouses, maritime, and logistics infrastructure projects. Both organizations will combine their technical expertise and financial capacity to create development initiatives focused on greenfield brownfield opportunities.
AFC is a pan-African finance institution that closes infrastructure investment gaps through its financing solutions and technical and advisory services throughout the project life cycle. They have provided investments of US$10 billion for infrastructure projects across 37 countries in Africa over the last 15 years.
Samaila Zubairu, President & Chief Executive Officer of AFC, said: “We are pleased to sign this collaboration agreement with AD Ports Group today, demonstrating the UAE’s ongoing enthusiasm to invest and deploy expertise in Africa.
“Combining AFC’s specialist expertise and outstanding investment track record with AD Ports Group’s technical proficiency, I am confident that our collaboration will yield the development of some of the most advanced integrated ports and logistics platforms in Africa and the world at large. We look forward to a continued partnership as we work together to unleash Africa’s economic potential and transform lives on the continent.”
AFC has been involved in several innovative projects to date. They developed and financed Africa’s first carbon-neutral industrial zone, the Nkok Special Economic Zone. This led to Gabon transforming into the largest exporter of veneer wood globally, leading to the generation of US $1 billion in annual export revenue and the creation of 30,000 jobs.
AFC also recently acquired Lekela Power in a joint venture with UAE's Masdar and the European Bank for Reconstruction and Development (EBRD). Lekela Power has been described as the continent’s biggest renewable independent power producer, with a scope to double generation capacity within four years.
The collaboration will help support ports and maritime facilities over Africa. It will help with the investment needed to modernise and increase the capacity and productivity of these facilities.
“Some of the world’s fastest-growing economies are in Africa, necessitating the creation of a new generation of ports and maritime facilities, supported by smart technology and enhanced freight infrastructure, said Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group.
“We see a key opportunity to support African nations in their efforts to develop advanced trade hubs that can manage the rising volume of maritime commerce and deliver excellent connectivity. Working with AFC, we will look to prioritise projects that can make a lasting impact on the economies and communities of their respective nations, in line with the direction of our wise leadership to support progressive development.”
Top Photo: Seaport construction works - Stock Image (Pavel Losevsky | Dreamstime)