Mozambique – MEMBERSHIP IN AFRICA 50

Mozambique launches the process

The Republic of Mozambique is set to become a shareholder in Africa 50, the pan-African infrastructure investment platform, in the near future. The country has already begun the process. The signing ceremony took place in Maputo on 12 February 2024. Once the membership process is complete, the total number of Africa50 shareholders will rise to 35, including 32 African countries. By joining Africa50, Mozambique will gain access to first-class expertise in project development and financing, accelerate the implementation of its infrastructure program by promoting private sector participation, which will significantly contribute to stimulating economic growth and development in the country.

Casablanca, 12 February 2024 – Africa50, the pan-African infrastructure investment platform, today announced that the Republic of Mozambique has begun the process of becoming a shareholder, at a signing ceremony in Maputo.
The Honourable Ernesto Max Elias Tonela, Minister of Economy and Finance of the Republic of Mozambique, signed the shareholder subscription agreement on behalf of the government, thereby committing the country to taking the necessary steps to become a shareholder in Africa50.
By joining Africa50, Mozambique will gain access to first-class expertise in project development and financing, accelerate the implementation of its infrastructure program by promoting private sector participation, which will contribute significantly to stimulating economic growth and development in the country.
Once the membership process is complete, the total number of Africa50 shareholders will rise to 35, including 32 African countries, the African Development Bank, the Central Bank of West African States (BCEAO) and Bank Al-Maghrib.

The signing of the shareholder subscription agreement by Mozambique follows the recent conclusion of a Memorandum of Understanding between Mozambique and Africa50 at COP28 to develop four projects, including three solar photovoltaic power plants totaling 260 MW – one of which will be the first 100 MW floating solar power plant on the continent – and 400 km of transmission lines, as part of a public-private partnership.
Minister Ernesto Max Elias Tonela said: “As we accelerate the development of essential infrastruc- ture to meet the needs of our citizens, it is imperative that we find the right partner to develop and catalyze the financing of these projects. Africa50 is the right partner for us. We are delighted to join Africa50 as a shareholder and look forward to helping realize the vision of bridging the continent’s infrastructure gap while bringing development to our people”.