Author: admin_poj
The ultimate in EQ: Designing infrastructure that will outlive you
Africa needs more roads, more railways, more ports, more energy grids, better clean water infrastructure and better connectivity. This is quite a list (and isn’t exhaustive) but what these deliver when built sustainably is an almost endless inventory of benefits. If you get the infrastructure right in a country, it brings everything from better education to economic sovereignty.
But, according to the Organisation for Economic Co-operation and Development (OECD), “an annual investment in infrastructure of US$155 billion” is needed and this is to “boost African countries’ productive transformation to match the levels of peer countries in other world regions”. To put this into perspective, this is the equivalent of 5.6% of Africa’s GDP in 2024, and this is to match, not supersede.
Laying the foundations
Kinapara Coulibaly is not a man who shies away from the task ahead or the realities of the situation today. As CEO of BNETD, he has worked with his government in Côte D’Ivoire to road map what exactly the country needs and then gathered all of the resources – from human to financial capital – to make it happen. I stood by his side in Kigali when the details of the ‘next generation’ infrastructure ambitions underpinning BOAD’s new 2026-2030 strategic ‘Djoliba’ plan were unveiled. This plan – targeting FCFA 6,500 billion, approximately €9.9 billion in financing commitments – will have a huge impact across West Africa.
What he told me in our conversation, which I encourage you to watch, is as pertinent for a prime minister as a founder with the spark of an idea. It is that you need to get the cornerstones in place before you start building. This is exactly what Professor Antonio Fatas taught me at INSEAD and it is amazing to hear this theory echoed back at me from people I admire from across the Globe. They may not even know the Professor’s work and yet how they lead is a seam of gold that links them to him.
No shortcuts
For Kina, it starts with financing studies to find out exactly what is needed. This means forensically looking at what problems need to be solved and how to create the solutions. As Steve Jobs is reported to have said: “If you don’t get the hardware right, it’s really hard to make the software right. You’ve got to lay a solid foundation.”
“Africa’s infrastructure needs are enormous, but the continent should not view the challenge solely through the lens of foreign assistance.”
Kina made it clear that financing isn’t the issue. As African Leadership magazine beautifully put it: “Africa’s infrastructure needs are enormous, but the continent should not view the challenge solely through the lens of foreign assistance. African savings can finance African infrastructure. African pension funds can invest in African businesses. African banks can support African entrepreneurs.
African capital markets can help governments and companies raise long-term funding. And African technology can make these financial systems more accessible and efficient.”
There are blockages in the pipelines to clear before financing can flow. These studies must take into account geopolitical uncertainties and climate upheavals. BNETD’ work with the Coalition for Climate Disaster Resilient Infrastructure speaks to this. After all, as Murtala Touray of Greenpeace Africa said: “The climate crisis is costing African countries up to 5% of their GDP every year.” To stop this, projects must be shock-resistant and built to last, whatever storms are coming. This is why choosing the right people to work alongside is critical. As Kina stated: “People are key. Especially in our line of business – engineering services – you need to have the right expertise”.
“People are key. Especially in our line of business – engineering services – you need to have the right expertise”.
Getting the balance right
This quest isn’t simple. Kina and my friend, Ambroise Depouilly, Managing Partner (CEO) of Deloitte Francophone Africa, were absolutely categorical that you can’t just bring in experts from elsewhere. Even within countries, there are political, geographical and cultural nuances that you must take into account for lasting transformation. Instead, bring on board people who can adapt to what Kina called “local realities” because they know them. These people are gold – and the right leader will ensure that there is a ready supply of talent to keep transformations going. After all, as I have written before, transformations are a continuum and mustn’t end when a team member – or even a leader – moves on.
Leadership, then, is the foundation beneath the physical foundations. A good leader helps create a clear vision and communicates it so effectively that every stakeholder understands both where they stand and what they must do. That requires attention to detail, awareness of the bigger picture and, crucially, the emotional intelligence to listen to people who understand the local realities better than anyone else.
“…The ultimate measure of leadership is not simply what gets built during a leader’s tenure. It is whether the vision, expertise and capability remain after that leader has moved on.”
I have examined transformation from both micro and macro perspectives, and I know how much can be learned by moving between the two. One of Kina’s defining leadership qualities is his ability to remain focused on the vision despite the noise around him – and to recognise when he must step back to see the whole picture more clearly.
But the ultimate measure of leadership is not simply what gets built during a leader’s tenure. It is whether the vision, expertise and capability remain after that leader has moved on. Roads, railways, ports and energy grids may be the visible legacy, but the deeper legacy lies in the people equipped to maintain them, improve them and build what comes next.
That is perhaps the ultimate expression of emotional intelligence: creating something that serves people you may never meet, and preparing a generation you may never lead to carry it forward. The infrastructure that matters most is not merely built to last. It is designed to outlive you.
The hidden foundation of transformation: trust, accountability and execution
Some leaders talk about transformation. Others explain how it actually happens. When I sat down with Hortense Mudenge, CEO of Kigali IFC, on the eve of the Africa CEO Forum in Kigali, I heard a perspective that cut through much of the noise surrounding growth, investment and development. Her argument was simple: capital follows trust, and trust is built through institutions.
Conditions that create confidence
Our conversation explored how Kigali IFC has helped rewrite the way investment flows into and within Rwanda. It has been a multi-pronged effort: changing perceptions of the country, embedding visionary leadership, strengthening institutions, and focusing relentlessly on the foundations required for long-term transformation. In many ways, Kigali IFC’s story is not just about attracting capital. It is about creating the conditions that give investors the confidence to deploy it.
The key, it argues, will be “…private sector investment to enhance productivity growth, raise incomes, and provide the financing to address infrastructure shortfalls.”
Rwanda has set the bar high. It aspires to become a Middle-Income Country by 2035 and a High-Income Country by 2050. There are barriers to overcome. The World Bank laid it on the line stating: “High levels of public debt (projected to rise to over 77% of GDP by end-2026), vulnerability to climate change, and increasing pressure on natural resources will make it difficult to achieve the country’s targets…” The key, it argues, will be “…private sector investment to enhance productivity growth, raise incomes, and provide the financing to address infrastructure shortfalls.”
Ambassadorial role
This is where Kigali IFC has come in since its creation in 2020. As Hortense explains: “…our role is basically to coordinate the whole ecosystem to ensure that Rwanda is a competitive, financial jurisdiction for investors looking to more efficiently deploy capital not just in Rwanda but across the continent”.
This has involved a huge ambassadorial push – especially as Nairobi has been dominant in the region for decades. Some of the work has been countering negative – and lazy – tropes that have dogged Rwanda, and indeed the whole continent, for centuries. Hortense explains that simply getting investors to come to Kigali is often enough to change this. The country has worked to create infrastructure and institutions, including Kigali IFC, which will support growth. This has meant looking at what the barriers are to investing and working to eliminate them; ensuring that regulation is in place to bolster confidence and that there is ease from start to finish. With all of this in place, you can attract and foster innovation and investment.
“Leadership is the relentless pursuit of truth and ceaseless creation of trust.”
Kigali, in this respect, has become a “proof of concept hub” – a city in which the leadership created a blueprint for the future and then pushed hard to make it happen. It is now a city where investors can do the same – come and test their plans before they deploy across the continent.
Trust, accountability and shared ownership have been absolutely central to this. As Jack Welch, former CEO of GE, is quoted as saying: “Leadership is the relentless pursuit of truth and ceaseless creation of trust.” Hortense explains that Kigali IFC will monitor annually, bi-annually and quarterly to ensure that everyone and everything is contributing towards the national strategy for transformation.
She adds that this goes from the very top of government down into every level of every institution. She told me: “…when it comes to an institutional level, then we build the processes and systems that ensures this. You are aligned with what the policies say, but also internally [you ensure] that there are clear values that you integrate to be able to execute on.”
Shared ownership
This is also when shared ownership kicks in. Everyone is on the same page, which makes it easy to sell this vision to investors. This is especially important in times of rapid iteration. Hortense talked to me about the nation’s Fintech ambitions but also how technology is key to every area of growth, including the green asset classes that have been a feature of Rwanda’s plans for decades.
And there are also constant geopolitical shifts to understand and react to. Rwanda, like all nations, needs to build its resilience to withstand the storm that is still rumbling. Pan-Africanism was presented as life boat at the Africa CEO Forum and moves to make it happen in a meaningful way have dominated my newsfeed since my return.
Rwanda, like all nations, needs to build its resilience to withstand the storm that is still rumbling.
A connected, continental financial services industry will be central to this. Rwanda, and specifically the Kigali IFC, will play a pivotal role in facilitating this. As Hortense told me, the country is not growing in isolation – the ambition for African institutional capital to be able to move seamlessly across the continent is key to the Kigali IFC’s vision. However, every nation in Africa must play a part and many have huge hurdles to overcome – perception of their failings – being just one. Rwanda’s trajectory delivers hope, not least as testament to what can happen if a nation gets behind a national agenda.