Signature of a memorandum of understanding between UCLG Africa and Libra Capital for the industrial and economic program of African cities, local and regional governments through participatory financing

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On Wednesday 24 November 2021 in Rabat (Morocco), the pan-African organization United Cities and Local Governments of Africa (UCLG Africa) and LIBRA CAPITAL Ltd “LCL”, signed a partnership agreement at the headquarters of UCLG Africa.

The agreement was signed by Mr. Jean Pierre Elong Mbassi, Secretary General of UCLG Africa and Mr. Rachid LAAOUIMIR, Chairman of LIBRA CAPITAL Ltd “LCL”.

The objective of this partnership is the realization of a teaser of the Industrial and Economic City project. Indeed, UCLG Africa in order to improve the support of African mayors and elected officials in the creation of jobs through the development of African human resources has expressed its willingness to realize the project Industrial and Economic Africa dedicated to employment. To achieve this vision, LCL has been chosen as a holding company with the financial and technical capacity, experience and expertise necessary for the realization and operation of African Industrial projects. One of the visions of LCL is to help cities and local authorities to identify untapped wealth and determine the future of this wealth.

To implement this partnership:

  • UCLG AFRICA undertakes to select, on the basis of a call for expressions of interest to be sent to its members, the environmental, social and economic information of the cities that will be delivered to LCL for financial studies necessary to assess the feasibility of the project.
  • UCLG Africa, through its commitment of valorization and coaching on economic methods for job creation, aims to give mayors a strategic vision by entering into participatory finance. Axis 1 of this performance commitment specifies that to achieve this strategic objective, UCLG Africa will use new means of communication in order to become the receptacle of Green and Participatory funds.
  • LCL will collaborate with UCLG Africa to propose economic teasers that will be online in the platform dedicated to the development, financing, implementation and operation of these projects and according to its track record in conducting feasibility studies.
  • LCL agrees to select suitable cities and local authorities and to elaborate the aforementioned studies of the sites, to seek financing for the development of the said projects, and to ensure the protection of the environment in accordance with the regulations in force.

The memorandum of understanding was concluded for a renewable period of 3 years.

About the MOU partners

United Cities and Local Governments of Africa (UCLG Africa) is the pan-African organization composed of 54 national associations of local governments from the five (5) regions of Africa (Central, East, North, Southern and West). The headquarters of the organization is located at 22, Rue Essaadyine Street, Hassan, Rabat, Kingdom of Morocco, where UCLG Africa enjoys diplomatic status as an international pan-African organization. UCLG Africa is the regional section for Africa of the world organization of local governments (UCLG).

Libra Capital is the in-house investment and management company of Libra Group. Libra Group is based on long-term market research and investment judgements.  Through Libra Capital, all operating companies in the group have rapid access to investment and management services, from inception to completion. The Libra Capital team understands the value of local market knowledge: working with regional and industry experts is central to our investment decision and operational management effectiveness. While Libra Group’s subsidiaries work primarily independently, Libra Capital’s global view is invaluable. It helps manage complex cross-border transactions and compliance with regulatory frameworks.

 

For more information, please contact

Gaëlle Yomi : Tel: + 212 610 56 71 45

e-mail: gyomi@uclga.org  

UCLG Africa website: www.uclga.org