London — Africa, short of new roads, ports and power stations, is increasingly leaning on its own sovereign investment funds to help fix its infrastructure gap. The funds, which have about $150bn between them according to research firm Preqin, are offering co-investment opportunities and guarantees to attract foreign capital. About 600-million Africans, or half the continent’s population, still lack reliable power, according to a panel discussion at last week’s World Economic Forum in Davos. Consultancy McKinsey has estimated investment in African infrastructure is so poor it needs to double to $150bn a year. But while investors are queuing up to finance overhauls of transport and energy infrastructure in the West, they have largely bypassed Africa, still considered the preserve of development agencies or specialist funds. Africa is still viewed in some circles as a difficult investment, hampered by corruption, war and political risk. Now home-grown sovereign wealth funds are seekin...
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