DUBAI, UAE, September 7, 2014 /PRNewswire/ --
The Forum will be co-hosted by the West African Economic & Monetary Union (UEMOA), the West African Development Bank (BOAD) and Global Finance & Capital Limited (GFCL), to highlight exceptional infrastructure investment opportunities in West Africa
On Tuesday 09 September the inaugural West Africa Investment Forum will take place at the Madinat Jumeirah, Dubai. The Forum, co-hosted by the West African Economic & Monetary Union (UEMOA), the West African Development Bank (BOAD) and Global Finance & Capital Limited (GFCL), an international corporate finance and advisory firm, will bring together key stakeholders for the formal announcement of a series of large-scale infrastructure developments in West Africa.
In attendance at the Forum will be the Heads of State of Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo accompanied by their respective Ministers of Finance, as well as the President of UEMOA, Mr. Cheikhe Hadjibou Soumare; Chairman of BOAD, Mr. Christian Adovelande; and Principal of GFCL, Mr. Arun Panchariya. Also attending will be senior delegates from the Middle East's major Sovereign Wealth Funds, investment banks and private equity firms as well as representatives from a number of the world's most influential multi-lateral organisations.
Mr. Cheikhe Hadjibou Soumare, President of the Commission of UEMOA, commented:
"The 'Invest in UEMOA' initiative to be launched at the West Africa Investment Forum is important for the future of our region and constitutes a paradigm shift for the Union in the face of important infrastructure challenges. These integrative infrastructure projects will have a strong regional impact. The West Africa Investment Forum heralds a new era of economic openness and is an opportunity to promote the region's tremendous potential to institutional and private investors from around the world."
The Forum is a direct response to the infrastructure challenges facing the West Africa region. While the size of the overall African economy has more than trebled in the last decade, with West Africa the fastest growing region on the continent, infrastructure investment has not kept pace with growth in demand, making the sector an increasingly promising investment opportunity and cornerstone of continued economic growth.
Mr. Christian Adovelande, Chairman of BOAD, commented:
"The West Africa Investment Forum comes at a time when all eyes are on Africa. The infrastructure projects to be announced at the Forum, made possible by commitment from the international investment community, attest to the emergence of West Africa as a region of growing global economic importance. As an advocate for the region's economic potential, I am confident that the West Africa Investment Forum will be a great success and further draw the attention of the international investment community to the genuine opportunities at hand."
Mr. Arun Panchariya, Principal and founder of GFCL, commented:
"It is clear that infrastructure investment in Africa has not kept pace with the increased demand generated by rapid economic growth, making infrastructure an enormously promising investment opportunity across West Africa, and specifically the UEMOA region. GFCL has been working in partnership with UEMOA for nearly two years to identify infrastructure requirements across the region. The inaugural West Africa Investment Forum in Dubai is the culmination of this partnership and will demonstrate to Middle Eastern and international investors the importance of working with regional bodies such as UEMOA and BOAD to help unlock the region's enormous potential."
The projects to be announced at the Forum are diverse in nature and will include, amongst others, road development, power plant construction, bridge construction, port development and electrical connectivity.
With a combined value of c. $20bn, these projects aim to unlock otherwise untapped wealth in the region by improving cross-border connectivity and stimulating widespread and collaborative economic growth. The inaugural Forum is set to be a landmark event that will mark a new chapter for the region and pave the way for Gulf and foreign investment into Africa.
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Notes to Editors:
West African Economic & Monetary Union (UEMOA)
UEMOA is an organization of eight West African states, which was established to promote economic integration across countries that share the CFA Franc as a common currency. The treaty that concluded the establishment of UEMOA was signed in Dakar, Senegal, on 10th January 1994, by the heads of state of Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal, and Togo. In 1997, Guinea-Bissau became the organization's eighth (and only non-Francophone) member state. The stated objectives of UEMOA are to: promote greater economic competitiveness through open markets; the rationalization and harmonization of the region's legal environment; the convergence of macro-economic policies and indicators; the creation of a common market; the coordination of sectoral policy; and the harmonization of fiscal policy. For more information, visit http://www.uemoa.int.
West African Development Bank (BOAD)
BOAD was established in 1973 as an international multilateral development bank to serve the nations of Francophone and Lusophone West Africa. The bank is run by the Central Bank of West African States and its eight member governments: Benin, Burkina-Faso, Côte d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo. It is funded by member states, foreign governments and international agencies with headquarters in Lomé, Togo. BOAD's revised mission statement in 2001 refocused its funding on three main development goals: poverty reduction, economic integration and promotion of private sector activity. To achieve these objectives BOAD disburses long- and medium-term loans to the public and private sectors and funds debt relief programmes. For more information, visit http://www.boad.org.
Global Finance & Capital Limited (GFCL)
GFCL is a corporate financial advisory, registered in the United Kingdom and regulated by the UK's Financial Conduct Authority (FCA). GFCL's objective is to deliver independent, high quality advice based on internationally-accepted standards of corporate governance and to utilise its extensive global network to deliver tailor-made solutions for clients. GFCL provides support and advisory services to clients for project development, project financing, strategic partner identification, financial restructuring, fund-raising, structuring of financial products, M&A, IPOs, corporate management and institution-building. The Company has focused its expertise on advising financial institutions and governments on the funding and implementation of large-scale development projects, particularly in frontier and emerging markets. For more information, visit http://www.globalfincap.com.
SOURCE Global Finance & Capital Limited (GFCL)