Atlantic Energy, Boateng plan N1.13bn infrastructure financing

ATLANTIC Energy, a private upstream oil and gas group in Nigeria and African visionary and international designer, Ozwald Boateng has agreed to establish a multi-million dollar charitable organisation (Made in Africa Foundation) for the funding of infrastructure projects in Africa.

Made in Africa Foundation will start off with a grant of $ 7 million (about N1.13 billion naira) and will provide “first mile” finance to Africans and African businesses involved in the development of major infrastructure projects in the region.

The General Counsel and Executive Director of Atlantic Energy, Mr. Dayo Okusami said the company is committed towards corporate responsibility for the sustainable development of infrastructure projects in Nigeria and others parts of Africa.

“Atlantic Energy’s philosophy is based on the pillar of Enduring Commitment – an abiding promise towards corporate responsibility for the sustainable development of infrastructure projects in Nigeria and others parts of Africa” he said.

Minister of Trade & Investment, Olusegun Aganga

Okusami noted that “Atlantic Energy is pleased to be a founding donor and supporter of this exceptional charity and we look forward to fostering a continent-wide push for sustainable infrastructure development. We believe the feasibility study will contribute to the acceleration of the much needed power infrastructure in countries such as Nigeria.”

The Atlantic boss stressed that upstream company is committed to underwrite US$7 million for the independent power project feasibility studies, a renewal master plan in the eastern Africa, as well as the Foundation’s running costs for the first three years.

Okusami said “We believe the feasibility study will contribute to the acceleration of the much needed power infrastructure in countries such as Nigeria”

African visionary and international designer, Ozwald Boateng said “It’s a well-known statistic that US$400 million of funding for feasibility studies and master plans across sub-Saharan Africa would develop over US$100 billion 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.”

Finance will be awarded for the drafting of feasibility studies and business plans ahead of seeking project finance from sources such as private equity, development finance institutions and commercial banks.

Made In Africa Foundation a Mauritius-based company dedicated to bringing innovative ideas and capital to Africa will focus on first-stage funding of infrastructure projects in Africa with the $7 million grant.

The foundation was founded in 2006 by Ozwald Boateng, Chris Cleverly and Pr. Hassan Kimbugwe and has co-hosted with former Ghanaian President Kufor the State Banquet for Ghana’s African Union conference, and the UK’s Department for International Development 2010 Whitehall conference on Growth Corridors.