Tanzania will soon join Kenya as Africa50's shareholder to enhance its infrastructural project.
The East Country is at an advanced discussion stage with the Pan-African infrastructure investment platform to become its 33rd shareholding country on the continent.
By joining the Moroccan-based organisation, Tanzania is looking at attracting investment in energy, Internet, techs, electricity lines, among others, like its neighbours Kenya.
Kenya, which is its member, has been attracting investment in data center, affordable internet, and transmission line initiatives after joining the group.
PAIX Data Centres, a Pan-African cloud and data centres provider with two data centers in Nairobi and Accra (Ghana)-for instance-got $20 million (Sh2.3 billion) funding to expand its services across the continent.
The series B funding, which forms the first tranche, came from Africa50, an African infrastructure investment platform.
It also invested $28 million (Sh3.18 billion) in a Kenyan-based affordable internet provider, POA Internet.
The Series C funding round was led by Novastar Ventures and Africa50, bringing its total funding raised so far to $36 million (Sh4.1 billion).
Tanzania application comes after the Republic of Cabo Verde was admitted as Africa50's 32nd shareholding State.
The admission of the West African country now brings its shareholding countries number to 32, comprising 29 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.
“Cabo Verde’s shareholding represents significant support to our organization in our mandate to bridge Africa’s infrastructure development and financing gap,
"The catalytic role of infrastructure as a driver of socio-economic development has never been stronger and partnerships with our Shareholders, including Cabo Verde, are critical to improving the quality of life of our people and ensuring a resilient and sustainable economic recovery," Africa50 Board of Directors Chairman Akinwumi Adesina said.
Within five years of operations, Africa50 has made 15 investments with an aggregate value of US$5 billion (Sh5929 billion).
This has helped over 17 million people in Africa access reliable and cleaner electricity.
Apart from the energy sub-sector, it has supported projects in transport, logistics and ICT.
“Cabo Verde’s shareholding further demonstrates the critical role of Africa50 to African countries and infrastructure in Africa in general. More importantly, it provides us with additional capital to fulfill our mandate,
"The infrastructure needs of the continent are significant and we need to scale up and speed up projects to accelerate Africa’s recovery from the effects of the pandemic. Additionally, we need to help mitigate against the devastating impact of climate change, and help Africa weather the recent global, food and energy crisis," Africa50 CEO Alain Ebobissé said during its General Shareholders Meeting in Marrakech, Morocco, that attracted top African Governments officials, private sectors, among others.