Four months ago, the AU infrastructure envoy announced an Infrastructure Fund, financed with about 5% of the holdings of African sovereign wealth and pension funds. There has been no news of uptake or an anchor investor(s) for the fund.…
Since the pandemic has undermined the fiscal position of most countries, financing infrastructure with national budgets will be severely limited after the pandemic. Even worse is the trend of declining funding from bilateral, multilateral & private lenders…
Before the pandemic, the region was already bottom of the pile in deployment of private capital for infrastructure - average of about $6 billion annually (2013 to 2018) compared to $34 billion in Latin America per @Africa50Infra's Alain Ebobisse…
A similar plan to the AU's is underway in the Gulf and Saudi Arabia is posed to become an anchor investor in the $800 million Gulf Infrastructure Fund. The role of anchor investor(s) remains unfilled in Africa's plan to build a similar fund.…
The Gulf Infrastructure Fund is expected to "to invest in social infrastructure projects across the Gulf states, including healthcare, education, social housing, water and digitisation." The African Infrastructure Fund needs anchor investors - the more the merrier, to hedge risk.

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More from @gyude_moore

9 Jun
I am sure the "more than 100 economists" who signed this earnestly believe they're doing the right thing. Sorta like the road to hell and good intentions, the blanket ban proposed here is misguided and will cause more harm than good.…
Any ban must accommodate a carve-out for the poorest countries in the world, since they bear the least responsibility for the crisis and the greatest need. I'm talking about the 48 African countries south of the Sahara. Nobody should look to Africa for emissions reduction.
Here is a nuanced take from @CDCgroup on what a transition to net-zero looks like in Africa. It accounts for the peculiarity of the African market and sees a role for a transitional role for some fossil fuels - like natural gas.…
Read 9 tweets
31 Mar
This research is an excellent addition to the body of knowledge around Chinese lending practices, especially as we think through the implications of the pandemic on the fiscal position of indebted low income countries - mainly in Africa.…
In a lot of ways, it brings systematic evidence to what we knew anecdotally. Questions about the opacity of Chinese lending have been a constant refrain in critiques of China's lending practice. We know now that it is a feature, not a bug.
Borrowing from Chinese policy banks have always meant that the funding was deployed to achieve policy ends - we now know that these objectives are secured through "broadly written cancellation and default clauses".
Read 6 tweets
20 Jan
Congratulations to @POTUS. Joining my voice to other Africans at home and in the Diaspora who hope for a better, more substantive engagement. We're rooting for you and hope you can achieve your agenda - both for the American people and for the world. THREAD
In his prepared remarks for his committee hearing @ABlinken promised "engage the world not as it was, but as it is.” WE will hold you to that. US Africa policy should, in intent and practice, seek mutual prosperity between Africa and America. 1/
The world as it is recognizes that Africans have interests that are unique and separate from any Great Power competition. We want partners in fulfilling aspirations for ourselves & our children. Finding fulfillment in our homeland. That our culture, economy, societies can thrive.
Read 18 tweets
11 Jan
China and African Debt - A short thread
Continuing a 30-year tradition, the Chinese Foreign Minister began his year with a trip to Africa. There is no better indication of the importance China attaches to its relationship with the continent. 1/
Which is why it is so disappointing that very little of note was achieved. Up to now, Africa has suffered more from the economic fallout of the pandemic. Debt servicing and a liquidity crunch has backed us against the wall and one would have expected this to be addressed. /2
China’s role in Africa’s current debt crisis is limited to a few countries – but those few countries have such an outsized role in their sub-regions that any default event there could end up having a domino effect elsewhere in Africa. 3/
Read 11 tweets
10 Aug 20
Last week, I published a thread on what Africa's position ought to be in the rising tension between China and the West. I attempted to lay out arguments against why Africa would choose the West, as a "partner of choice" over China. This week, I want to focus on China. THREAD
China's partnership pitch to African states is compelling. It presents itself as a brotherly nation with the shared experience of the ills of colonialism, yet has no colonial baggage. It offers to assist in financing and building infrastructure to advance African prosperity. 1/
China also presents an alternative development model backed by the unprecedented achievement of lifting over 800 million out of poverty in four decades. For a continent mired in poverty, and low productivity, the Chinese model can be attractive. 2/
Read 20 tweets
5 Aug 20
Africa's position in the New "Cold War" - Thread

As deputy chief of staff to President Sirleaf, I once took my team to one of the urban slums to talk about the government's programs. I highlighted our human rights, anti-corruption and road building record. 1/
When I was done, one of the listeners raised his hand to ask a question. He wanted to know if he could "cook these things and feed them to his children." He was unimpressed with my response. Bread and butter issues, meeting people's direct needs can never be substituted. 2/
Which brings me to the coming confrontation - economic first, but increasingly dangerous, between China and the West. Africa will be drawn into this as China will definitely continue to look to Africa's 54-bloc for support and legitimacy for its actions. 3/
Read 13 tweets

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