South Africa, Ethiopia, and other African nations anticipate receiving a portion of a USD 40 billion fund from Vatican and UK businesses to help their economies and fund government development initiatives.
The initial benefactor from these companies may be Tanzania, which is now working on its two large-scale strategic projects, the Julius Nyerere Hydropower and Standard-Gauge Railway (SGR).
Speaking to the press yesterday, Vatican’s Representative Mr. Borys Tulczynski noted that they are expecting to invest into 20 African countries including Ethiopia and Tanzania as they are still negotiating with the authorities and stakeholders from the private sector “Through the Vatican’s fund manager, Farm 42 fund and Fulcrum Investment Partners Limited (based in the United Kingdom) we are interested in investing about USD 40 billion across 20 different African countries,” he said.
“The investment can be in the form of grants for humanitarian projects or as investments in government projects to assist with development, “he added.
However, the other Vatican’s representative from the firm Mr. Ansar Mahmood described other areas that the fund is expecting to support in African countries.
“Firms would like to assist African countries to get affordable and quality health care, increase access to education, affordable housing, awareness of deadly diseases and sexually transmitted diseases, access to sanitary facilities and access to electricity,” he said.
However, in ensuring the effortless investment, the firms have reached an agreement with African Royal Group of Companies for the consultations of its Africa projects.
Chief Executive Officer of the African Royal Group of Companies Prince Estifanos Matewos described the experience they have in assisting firms that are looking to invest in the African market.
“We have been assisting different firms to enter the African market in various sectors such as oil and gas, construction, medical, manufacturing, real estate, telecommunications, ICT and other areas for the long time,” he said.
Responding to the question from the journalist on how their investments will meet the demands of each country they are going to invest Mr.Tulczynski said;
“Firms with the assistance of the African Royal Group of Companies will engage in discussions with various heads of state to understand the type of assistance they would be requiring so as to know the priorities for every country,”.