Saturday, April 20, 2019 UTC

AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Investors

IsDB backs Somalia Infrastructure Fund

Africa Global Funds
April 13, 2019, 9:32 p.m.
346

Word count: 326

The Islamic Development Bank (IsDB), a multilateral development bank, has agreed to contribute $3m to the multi-partner Somalia Infrastructure Fund (SIF). 

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The Islamic Development Bank (IsDB), a multilateral development bank, has agreed to contribute $3m to the multi-partner Somalia Infrastructure Fund (SIF). 

Established by the African Development Bank in October 2016, the Fund is one of the financing windows under the Somalia Development and Reconstruction Facility of the New Deal Compact for Somalia. 

It aims to support and accelerate Somalia’s inclusive and sustainable economic recovery, peace and state building, through rehabilitation and development of the country’s infrastructure.

The Fund takes advantage of the Bank’s existing Transition Support Facility to mobilize resources. 

Mansur Muhtar, IsDB Vice President for Country Programmes, said: “Establishment of the SIF shows the Bank’s commitment in supporting infrastructure development and enhancing the delivery of basic social services in Somalia.” 

The Islamic Development Bank’s move to channel its funds through the SIF reaffirms its commitments to partner with the African Development Bank in contributing to the development of their common member countries.

Nnenna Nwabufo, the Bank’s Deputy Director General for the East Africa Region, and Country Manager for Somalia, said: “The contribution by the Islamic Development Bank will add to the ongoing efforts of rehabilitating and developing key infrastructure in the water, transport and energy sectors.”
 
Since it became operational, the SIF has received support from the United Kingdom, Italy, the European Union, the Islamic Development Bank and the African Development Bank. 

Some of these funds have been used to finance three ongoing projects: Improving Access to Water and Sanitation Services in Somalia ($10.6m); Strengthening Institutions for Public Works ($7.8m); and Economic and Financial Governance Institutional Support Phase II ($7.8m).

Three additional projects funded at about $82m are currently being prepared for implementation within the SIF framework.
The Bank will continue to set aside resources for Somalia from internal sources and internally managed trust funds. 

These resources are expected to finance or co-finance about $40m worth of projects in the SIF pipeline over the next three years. 

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