The African Development Bank said it financed projects worth eight billion euros in African countries in 2012.
Ousmane Fall, an official of ADB’s Private Sector Department in charge of investments, said this at the ongoing 3rd ECOWAS Investment Forum on Friday in Lagos.
Fall said that the private sector got two billion euros from the total eight billion euros financed in Africa.
He also said that the Bank of Industry and Nigerian Export and Import Bank got $1.5 billion to provide funds for the development of Small and Medium Enterprises in the country.
Ousmane said that the bank could finance private sector projects for period ranging from five to 15 years.
He, however, said that for a project to qualify, such business entity must show that 51 per cent of its shares were owned by the private sector operators.
He said that many African countries had benefited from ADB in terms of technical or capacity building assistance.
Ousmane said that the bank had provided technical service to Nigeria in the area of oil and gas as well as in mining.
He also said that the bank was supporting the privatisation of the power sector, Independent Power Projects and constructions in the West Africa region.
Ousmane said that the bank’s intervention needed to be in line with each country’s strategic plan.
He said that the ADB’s private sector arm had to ensure that any project embarked upon would be commercially viable.
Ousmane said that the bank could pick up as much as 30 per cent of any project, adding that this would help to minimise the risk involved.
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