2025-02-16-联合国贸易发展委员-联合国贸易发展委员会-利用主权投资者在非洲基础设施投资方面的潜力（英）_42页_6mb

Leveraging the Potential of Sovereign Investors for Infrastructure Investment in Africa

UNECA, UNCTAD/DIAE/2024/2, Geneva, 2025

1. Introduction

• African countries require massive infrastructure investments exceeding government budget capacities.
• Sovereign institutional investors (SWFs, PPFs) can bridge financing gaps due to their large capital pools and long-term perspectives.
• Challenges include project availability, market development, and perceived risks, which can be mitigated by African sovereign funds as co-investors or de-riskers.

2. Global Infrastructure Investment by Sovereign Funds

• Key Trends:
  • Sovereign funds increasingly invest in infrastructure and energy (over 1/3 of their capital since 2016).
  • Renewable energy investments by sovereign funds have outpaced fossil fuel investments since 2019.
• Drivers:
  • Portfolio diversification, inflation hedging, and alignment with sustainability goals (e.g., Paris Agreement).

3. Sovereign Investment in Africa

• Region-Specific Dynamics:
  • Sub-Saharan Africa sees mostly domestic and intra-regional investments, centered around Egypt, South Africa, and Nigeria.
  • North Africa attracts more foreign investment, driven by Gulf SWFs (e.g., ADQ, QIA).
• Recent Fluctuations:
  • Sovereign investments rose during the pandemic but saw a sharp decline due to large project delays in 2023.
• Notable Deals:
  • Middle Eastern funds dominate foreign investments (e.g., QIA in Rwanda, ADIA in Egypt).

4. African Sovereign Investor Landscape

• Number and Assets:
  • 39 SWFs and 16 PPFs manage over $400 billion (low compared to global funds).
• Typology of Funds:
  • Stabilization funds (e.g., Botswana’s Pula Fund).
  • Savings/Governance funds (e.g., Libya’s LIA).
  • Strategic/Development funds (e.g., Ghana’s Infrastructure Fund).
• Gaps:
  • Limited diversification, weak mandates for direct infrastructure investment, and governance challenges.

5. Suggestions for Leveraging Sovereign Investment

1. Mandate Expansion:

   • Explicitly include infrastructure in investment mandates (e.g., Ethiopia’s EIH focuses on strategic assets).

2. Governance and Firewalls:

   • Implement multi-tiered governance structures and operational firewalls to align with strategic goals (e.g., Nigeria’s NSIA).

3. Sustainability Integration:

   • Adopt the UNCTAD-UNEP Sustainability Integration Framework to meet climate goals and attract green investments.

4. International Capital Leveraging:

   • Use catalytic funds to attract foreign SWFs (e.g., India’s NIIF, Indonesia’s INA).
   • Partner with MDBs (e.g., World Bank) to reduce costs via blended finance.

5. Collaboration and Policy:

   • Strengthen regional forums like the African Sovereign Investors Forum (ASIF).
   • Improve policy environments for entry/establishment rules and project pipelines.

6. Challenges and Opportunities

• Opportunities:

  • Growing number of planned SWFs (e.g., Kenya, Tanzania) and existing funds (e.g., Ghana, Nigeria).
  • Rise of green finance and sustainable projects.

• Barriers:

  • Lack of bankable projects, regulatory hurdles, and inconsistent policies.

Conclusion

• Sovereign investors can play a crucial role in addressing Africa’s $4 trillion annual infrastructure financing gap.
• Success requires clear strategic mandates, robust governance, sustainability commitments, and effective regional collaboration.

Source: UNCTAD Technical and Statistical Report 2024