International designer Ozwald Boateng, in collaboration with Nigerian businessman, Kola Aluko, and Nigerian oil and gas company, Atlantic Energy Drilling Concepts, is establishing a multimillion-dollar charitable organisation, Made In Africa Foundation, to focus on first-stage funding of infrastructure projects in Africa.
The Foundation will provide 'first mile' finance to Africans and African businesses involved in the development of major infrastructure projects in the region. Finance will be awarded for feasibility studies and business plans ahead of seeking project finance from private equity, development finance institutions and commercial banks.
Initially it will finance independent power project feasibility studies across Africa, and the Ugandan urban renewal master plan for Kampala's Naguru Nakawa redevelopment.
Ozwald Boateng commented: "It's a well-known statistic that $40om of funding for feasibility studies and master plans across sub-Saharan Africa would develop over $ioobn of infrastructure projects, which in turn would create a trillion dollars of value across Africa. The first step is often the hardest and we have created this Foundation with Atlantic Energy to make that step easier for Africans."
Atlantic Energy has committed to underwrite $7m for the independent power project feasibility studies, the Ugandan urban renewal master plan, as well as the Foundation's...