Eight West African countries have secured a total investment of $19 billion in a range of infrastructure projects from regional firms, with a significant commitment in the railway and road sector coming from a UAE-based company.

The inaugural West Africa Investment Forum held yesterday (September 9) in Dubai, UAE, announced a package of 17 infrastructure projects planned for the UEMOA (West African Economic and Monetary Union) region with significant funding by UAE entities in a range of sectors including roads, railways, bridges, checkpoints, dry-ports, airports, energy, and food security and water.

The forum was hosted and organised by UEMOA, Global Finance & Capital Limited (GFCL), and the West African Development Bank (BOAD).

The projects will be executed as public-private partnerships (PPPs) between the governments of the UEMOA member states and international commercial entities.

Prominent exposure from GCC companies included a commitment of $16 billion by Trojan General Contracting along with Earth Capital for equity participation in railway and road sector projects across the region; $1.98 billion by Essar Projects, the UAE subsidiary of Essar Group, in road, bridge, airport and thermal power-plant projects in Benin, Guinea Bissau and Niger; and $700 million by Hasan Juma Backer Trading & Contracting of Oman, in a dry-port development project in Cote d'Ivoire.

Meanwhile, HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister   and Ruler of Dubai, on Tuesday met with heads of state of six member countries of the UEMOA participating in the inaugural West Africa Investment Forum.

A number of important strategic partnerships for the implementation of projects were also announced at the forum.

Among them, a strategic partnership agreement (SPA) was made between UEMOA, BOAD and GFCL to create a company responsible for managing project execution and timelines, and to continue to seek foreign direct investment for future projects in the region.

Arun Panchariya, principal and founder of GFCL, said: "Rapid economic growth has made infrastructure an enormously promising investment opportunity across West Africa, and specifically the UEMOA region.”

“GFCL has been working in partnership with UEMOA for nearly two years to identify infrastructure requirements across the region, and seek the funding necessary to meet those requirements. 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. Our mission is to help West Africa unlock dormant assets for itself, so the region can begin to recognise its true economic potential,” he added.

Cheikhe Hadjibou Soumare, president of the Commission of UEMOA, said: "The 'Invest in UEMOA' initiative launched at the West Africa Investment Forum is important for the future of our region and constitutes a paradigm shift for the union in the face of important infrastructure challenges. These integrative infrastructure projects will have a strong regional impact. The West Africa Investment Forum heralds a new era of economic openness and is an opportunity to promote the region's tremendous potential to institutional and private investors from around the world."

Christian Adovelande, chairman of BOAD, said: "The West Africa Investment Forum comes at a time when all eyes are on Africa. The infrastructure projects announced at the forum, made possible by commitment from the international investment community, attest to the emergence of West Africa as a region of growing global economic importance.”

“As an advocate for the region's economic potential, I am confident that the West Africa Investment Forum has been a great success and further draws the attention of the international investment community to the genuine opportunities at hand,” he added. – TradeArabia News Service