NIGERIAN oil and gas company, Atlantic Energy Drilling Concepts Limited (Atlantic Energy), in conjuction with African visionary and international designer, Ozwald Boateng,has agreed to establish a multi-million dollar charitable organisation- Made In Africa Foundation, to focus on first-stage funding of infrastructure projects in Africa.The Foundation will start-off with a grant of $7 million (about N1.13 billion) and will provide 'first mile' finance to Africans and African businesses involved in the development of major infrastructure projects in the region.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.Commenting on the fund, the General Counsel and Executive Director of Atlantic Energy, Dayo Okusami, said: '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.'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.'In this regard, Atlantic Energy Drilling Concepts Limited has committed to underwrite $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.'We believe the feasibility study will contribute to the acceleration of the much needed power infrastructure in countries such as Nigeria.'Infrastructure development is the key factor in the transformation of sovereign economies from developing to emerging market status. According to the International Finance Corporation, the estimated financing requirement to close Africa's infrastructure deficit amounts to $93 billion yearly until 2020.Much of this money is available, but it cannot be applied until the requisite business plans and feasibility studies have been developed to enable capable sponsors and funding to come together.A lack of capital to get to this stage has meant that many opportunities have not been pursued and few projects have been undertaken by Africans or African businesses.According to Boateng, 'it's a well-known statistic that $400 million of funding for feasibility studies and master plans across sub-Saharan Africa would develop over $100 billion of infrastructure projects, which in turn would create $1 trillion 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.
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