A service delivery mechanism was set up, aimed at purchasing capacity and hence complementing other project preparation facilities. An initial amount of USD500 000 was invested by the NEPAD Agency to set up the delivery mechanism. Under the African Strategic Infrastructure Initiative, a pilot for a specific methodology to package projects in preparation for project acceleration, using private sector perspectives, was undertaken in the Central Corridor. The pilot is expected to enhance investor confidence; increase marketing and visibility of the corridor potential and its projects; improve public sector understanding of private finance requirements; enhance capacities of implementing agencies; and strengthen public-private relationships.
The Africa50 Fund was established to finance the implementation of PIDA and other regional infrastructure projects. To date, 20 countries and AfDB have subscribed to an initial aggregate amount of USD830 million in share capital for use in developing and financing projects. Relatedly, ongoing progress in project development and finance has been recorded by various PIDA partners and stakeholders such as the Development Bank of Southern Africa, AfDB and the Infrastructure Consortium of Africa.
The PIDA Capacity Building Project was established to provide technical assistance to the AUC, the NEPAD Agency and the eight AUrecognised RECs to undertake pre-investment work as part of accelerating project preparation. This will fast-track the translation of PIDA priority action plans to bankability stage in preparation for financing and implementation.
The establishment of the Continental Business Network (CBN) was one of the outcomes of the Dakar Financing Summit on Africa’s Infrastructure Development, hosted by Senegal’s President, His Excellency Macky Sall. The CBN acts as an exclusive infrastructure investment advisory platform for African leaders, providing thought-leadership and engagement on a range of strategic issues like policy, investment risk rating(s), and project structuring, and is also geared at addressing existing constraints to the implementation of PIDA projects.
The Africa Power Vision – a long-term plan for increasing access to reliable and affordable energy by using Africa’s diversified energy resources in a coherent and well-balanced manner – was launched. The vision aims to drive and rapidly accelerate the implementation of critical energy projects in Africa under PIDA. Under the strategic leadership of His Excellency, President Paul Kagame of Rwanda, and within the framework of the Presidential Infrastructure Champion Initiative (PICI), the regional optic fibre project, connecting all five capital cities of the EAC Member States, was completed.
The first PIDA Week was held in Abidjan, highlighting Africa’s collective push towards developing large-scale infrastructure projects, thereby opening opportunities for large, competitive markets, and in turn promoting regional integration. PIDA Week will become a key annual event on Africa’s development calendar.