UAE firms pledge $19bn for West African projects.
UAE entities have pledged to make $19bn worth of investments in infrastructure projects across West Africa.
The package of investments, which will be made through public-private partnerships (PPPs), will help to fund a range of projects including roads, railways, airports, ports, power plants and water facilities, among others.
The biggest investment has come from Trojan General Contracting, the Abu Dhabi-based contractor which is part of HH Sheikh Tahnoon Bin Zayed Al Nahyan's Royal United Group.
It is investing in railway and road projects across the region alongside Earth Capital, while Essar Projects - the UAE-based subsidiary of India's Essar Group, is investing in road, bridge, airport and thermal power-plant projects in Benin, Guinea Bissau and Niger.
Oman's Hasan Juma Backer Trading & Contracting has also announced a proposed $700mn investment in a dry port project in Cote d'Ivoire.
The deals were announced at an investors' forum held at Dubai's Madinat Jumeirah yesterday, which was attended by the Emirate's ruler, HH Shekh Mohammed Bin Rashid Al Maktoum, and either the presidents or presidential delegations from eight West African nations (Benin, Burkina-Faso, Cote d'Ivoire, Guinea- Bissau, Mali, Niger, Senegal, and Togo).
The Forum was hosted and organised by the West African Economic and Monetary Union (UEMOA), Global Finance & Capital (GFCL), and the West African Development Bank (BOAD). The three entities have also created a company which will be responsible for managing project execution and timelines, as well as for seeking more foreign investment in future projects.
Arun Panchariya, founder of GFCL, said: "Rapid economic growth has made infrastructure an enormously promising investment opportunity across West Africa, and specifically the UEMOA region.
"The inaugural West Africa Investment Forum in Dubai is the culmination of this partnership and the discussions and agreements that have taken place today demonstrate the success of the initiative. UAE entities, in particular, have shown impressive commitment to investing in our project package, and we look forward to working closely with those organisations in the coming months."
2014 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Sep 10, 2014|
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