US Exceeds $55 Billion Investment in Africa, Focusing on Infrastructure for Sustainable Growth | News Direct

US Exceeds $55 Billion Investment in Africa, Focusing on Infrastructure for Sustainable Growth

News release by MarketJar

facebook icon linkedin icon twitter icon pinterest icon email icon Vancouver, BC | January 17, 2024 11:20 AM Eastern Standard Time


Source: Freepik
Source: Freepik

In recent decades, the US-Africa economic relationship has evolved from aid to trade and is currently focused on investments, signaling a shift in perspective and a growing interest in African opportunities.

In the wake of the US-Africa Leaders Summit in December 2022, President Biden initiated an exceptional year of engagement with Africa, achieving significant milestones and delivering on commitments made during the Summit.

The current administration has surpassed its commitment to invest $55 billion in Africa over three years, marking a profound dedication to the continent.

Large-scale infrastructure projects in Africa have become particularly appealing to U.S. institutional investors, offering the potential for long-term returns and significant social and economic impact.

These projects, especially in transportation, energy, water, and telecommunications, require substantial funding to address Africa's infrastructure financing gap. Public-private partnerships (PPPs) are deemed essential to bridge the infrastructure financing gap in Africa, with an estimated $130 to $170 billion required annually for development.

Addressing this gap would yield significant social and economic benefits, including enhanced access to jobs, education, and banking services. Moreover, the energy sector, with its abundant renewable resources, offers substantial opportunities for US institutional investment to enable Africa’s transition into a green energy powerhouse.

Among the companies focused on solutions that enable Africa to upgrade its infrastructure is Surf Air Mobility Inc. (NYSE:SRFM), a Los-Angeles-based regional air mobility platform transforming regional flying through electrification.

Surf Air Mobility, which is the largest commuter airline in the US based on scheduled departures, is developing revolutionary new technology to upgrade the widely popular Cessna Grand Caravan aircraft with fully electric and hybrid-electric engines for passenger air travel.

Surf Air Mobility to Supply Electric Powertrains to Kenyan Operators

On January 17, Surf Air Mobility signed an agreement with Z.Boskovic Air Charters Ltd, a prominent name in Kenya's private charter, safari, freight, and corporate travel sector. Surf Air will be integrating its cutting-edge electrified powertrain technology into Z.Boskovic's existing and future Cessna Caravan fleet once certified.

Z.Boskovic currently operates a fleet of 13 Cessna Caravans, positioning them as Kenya's leading charter operator for this aircraft model, and has plans to expand its fleet of Caravan aircraft this year.

This collaboration marks yet another stride in Surf Air Mobility's ongoing efforts to broaden the reach of its innovative electrified powertrain technology.

Surf Air Mobility’s electric and hybrid powertrains aim to cut emissions by 100% and 50%, respectively. Z.Boskovic, a leading Kenyan safari operator, is dedicated to environmental conservation. By significantly reducing their Caravan fleet's carbon footprint, they aim to better safeguard Kenya's ecosystems and wildlife.

This agreement follows other recent deals between Surf Air Mobility and prominent Kenyan Cessna Caravan operators, Safarilink and Yellow Wings, to provide electric powertrains for their aircraft as well.

These partnerships support SafariLink and Yellow Wings' ambitious target to transition to all-electric operations by 2027, contributing to the promotion of air travel sustainability in Africa. Kenya stands out as a leader in the regional air mobility market, making these collaborations significant steps towards advancing the adoption of electrified aviation technologies.

 Surf Air Mobility Inc. (NYSE:SRFM) is actively working on obtaining Supplemental Type Certification for both hybrid and fully-electric versions of the Cessna Grand Caravan. The targeted impact includes potential reductions of up to 50% in direct operating costs and achieving a 100% cut in carbon emissions for the fully-electric powertrain. Surf Air believes that the implications of this technology can be transformative for regional aviation on a global scale.

This collaboration positions Z.Boskovic, Safarilink, and Yellow Wings as trailblazers in adopting green technologies crucial for a more environmentally friendly and quieter future in regional transportation, particularly significant for the conservation of Kenyan wildlife. It also aligns with the Kenyan government's recent commitment to shift away from fossil fuels to renewable energy sources by 2030.

Safarilink has highlighted their dedication to protecting the environment in their operational areas, and have stated that adopting Surf Air Mobility's electric powertrain technology has the potential to lower noise and climate impact, enhancing global visitors' experience of the local ecosystem.

Yellow Wings has stressed their support for alternative air travel propulsion, and has stated that Kenya, with its 91% carbon-free power generation, is the perfect leader for this initiative.

The collaboration between Surf Air Mobility, Safarilink, Yellow Wings, and Z.Boskovic could hold promise for transforming regional aviation in Kenya and East Africa by showcasing the viability and impact of electrified Caravans on the industry.

Click on this link or read their corporate presentation to learn more about Surf Air Mobility Inc. (NYSE:SRFM).


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James Young


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