(Business in Cameroon) – On October 31, 2024, Cameroonian Alain Ebobisse (pictured), CEO of Africa50, met with the Minister of Economy, Alamine Ousmane Mey, to discuss expanding Africa50’s investments in the country. Africa50, a major African investment fund, already holds a stake in the nearly completed Nachtigal hydropower dam project (420 MW) in Cameroon’s Central region. Following the meeting, Ebobisse shared Africa50’s ambition to grow its portfolio in Cameroon. “We are investors in Nachtigal, but we aim to support additional projects here,” Ebobisse said after meeting with the Minister.
Africa50 is a key financial partner supporting Cameroon’s National Development Strategy for 2030 (SND30), which requires an estimated CFA88 trillion. The Minister of Economy recently highlighted Africa50’s role in helping Cameroon reach its ambitious SND30 goals, especially in expanding the country’s power capacity to 5,000 MW by 2030. In a September 2024 interview with Cameroon Tribune, Minister Mey noted that ongoing discussions are exploring Africa50’s participation in projects like the proposed Kikot Dam (500 MW) and Grand Eweng Dam (1,000 MW).
Beyond energy, Africa50 is also interested in sectors such as airports and gas. At the 2019 Africa Investment Forum in Johannesburg, Ebobisse pointed out the potential of Cameroon’s airport sector and its natural gas resources. “Cameroon has a lot of gas, and we’ve discussed with authorities about using it to further support the economy since gas is a transitional energy source,” Ebobisse said. He emphasized Africa50’s readiness to invest as long as projects align with their goals.
Africa50, founded in 2014 by 22 African governments and the African Development Bank (AfDB), focuses on innovative infrastructure financing across the continent. To date, Africa50 has invested in 25 projects across 28 countries, with a total investment of $8 billion (approximately CFA4,692.5 billion). Its main focus areas include energy, transportation, information and communication technology, and, more recently, health. This pan-African fund addresses the continent’s massive infrastructure funding gap, which is estimated at $120 to $160 billion annually.
