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18 COLUMNS|BakerMcKenzie Infrastructure Gaps Report found that during the period 2012-2015, DFIs, multilateral
and bilateral banks and their development partners provided 47% of the  nancing for African infrastructure. However, despite these advantages to including DFIs on projects in Africa, one must be wary of an over reliance on DFIs to create bankable projects. They should also not be viewed as ‘cheap  nance’.
In conjunction with the reliance on DFIs, African developers need to aspire to achieve the highest standards of infrastructure project development. This requires an active engagement of all parties from an early stage – from the conducting of a pre-engagement due diligence allowing for an identi cation
of red  ags early on, to the implementation of appropriate measures to mitigate and allocate risk accordingly.
Unfortunately, for many African
developers, this results in a cart before
the horse situation – on the one hand, in order to attract further investment, they require a solid track record which shows
an understanding of the market, key deliverables and technical know how – on the other hand, however, developers cannot build such a record without being given the opportunity, and most notably the  nancing, to develop their projects in the  rst instance.
This is where grant funding may be of assistance to developers. Nonetheless, these

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