Project Preparation & Capital Raising

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Capital Raising Handbook for Emerging Markets in Africa

Below is a short summary of the handbook. To download the full handbook please click here.

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A short Summary of the Handbook

Having worked in the infrastructure space for more than a decade starting with rural community water and sanitation projects to advising Ministerial policy on water and sanitation. Advising on project funding, to the preparation of project information memorandums. I have come to realise and acknowledge that; Inadequate infrastructure remains the key obstacle impeding Africa's realisation of its full economic growth potential. Hence this handbook (Please follow the link above for full handbook) is a collection of the experiences, lessons learnt and conversations gathered across many infrastructure disciplines in Africa. It is the intention that these insights will facilitate assist the process of packaging bankable projects and in the process, closing the massive infrastructure gap that is holding Africa back. Emmanuel Kere, (MBA) CEO Watershed Capital Johannesburg, South Africa.

1. Section One: Introduction – Setting the Scene
Inadequate infrastructure remains the key obstacle impeding Africa's realisation of her full economic growth potential. It is anticipated that Africa's current population of 1 billion will double to 2 billion by 2050 while urbanisation projections indicate that, between 2010 and 2025, some African cities will account for up to 85% of their populations (African Development Bank, 2012). Africa is home to seven rapidly growing megacities: Cairo (Egypt), Accra (Ghana), Johannesburg-Pretoria (South Africa), Khartoum (Sudan), Kinshasa-Brazzaville (Democratic Republic of the Congo and Republic of the Congo), Lagos (Nigeria) and Nairobi (Kenya). By way of illustration, Lagos has grown from 300,000 in 1950 to an estimated 15 million by 2007, and the Nigerian government estimates that the city will have expanded to 25 million residents by 2015.

1.1. Why the Infrastructure Gap?

A number of factors provide explications for the Africa infrastructure deficit. Project bankability or, rather, the lack of it is often cited as the key impediment. To be bankable, a project or proposal should have sufficient collateral, future cash-flows and a high probability of success to be acceptable to lenders. Bankability, thus, refers to lenders being willing to fund the project. The paucity of bankable projects on the African continent, has often been linked, in turn, to the lack of appropriate skills on the continent and particularly in those institutions that especially need to attract funding where infrastructure delivery is part of their mandate. Examples of such institutions include state-owned enterprises and government ministries and local government.

1.4. Increasing Interests in and about Africa

Since 2008, Sub-Sahara Africa has started to be noticed and has become an attractive destination of cheap capital from the developed countries. The region has experienced compelling positive GDP growth prospects with most of the region's exchanges performing exceptionally well in terms of returns, mainly driven by exchange activities which were in the form of acquisitions and organic expansions. According to the World Bank, net equity, FDI and portfolio equity inflows for 2014 were up by US$52.6billion, a significant increase on previous inflows.

1.6. Our Target

The handbook has been broken down into a serious of sessions organised to provide practical insights into developing bankable project proposals for project sponsors, funders' potential clients, governments or state-owned enterprises with the mandate of delivering infrastructure and other social services. It is also a valuable resource for the African academic fraternity as it can be customised as an elective module for under graduate and post graduate learners to master the art and techniques of developing bankable projects to know the approaches to follow in raising capital for the development and implementation of capital infrastructure projects. The series are organised to mirror the key feasibility project proposals and the funding of final project proposals. To read a preview of what is covered in the series follow this link to “Capital Raising Handbook for Emerging Markets in Africa”.

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2. CESA Workshop Programme

2-Day Intensive Workshop. Please download PDF Brochure