Private Finance in African Urban Development: Speculation, Value, Territories
Convenors: Matthew Lane (University of Edinburgh), Jennifer Robinson (University College London)
Discussant: George Owusu (University of Ghana)
Track: Alternative Futures
Keywords: Private Finance, Speculation, National Financial Actors, Innovations, Urban Development
Friday October 25, 10:45–12:15 & 13:45-15:15, Far West Studio, John Moffat Building
SESSION 29
PRIVATE FINANCE IN AFRICAN URBAN DEVELOPMENT: SPECULATION, VALUE, TERRITORIES
Whereas the urban turn in international developmental policies anticipated large scale flows of global private finance to address urban infrastructure deficits in poor contexts this does not seem to have been directed in significant quantities to urban areas in Africa. Diverse forms of private capital are rather "filling the gaps” between large-scale and often regional infrastructure investments delivered through donor funding, and more generalised, smaller scale urban investments, including national-scale asset managers (pension funds, social security funds) which are increasingly active. Innovative vehicles to leverage these as well as sovereign assets for financing urban development infrastructures are being developed in places, and effective government and parastatal institutions are sought after platforms for investment. In this session, we invite participants to develop insights into general trends in private finance investments in African urban areas; and to consider the “asset geographies” which characterise private sector-led urban development projects. Investment in developing urban territories may involve complex transcalar assemblages of agency, reflecting the need to actively produce investable urban territories and possibilities for development. Papers could develop insights on the nature of developers, their sources of finance, processes to secure access to land, relationship to spatial planning and regulations as well as to other actors in real estate and property development. Also, how are new networks assembling and aligning the horizons and interests of diverse sets of actors around development projects? How does the often unpredictable transformation of urban territories and regulatory processes (re-)shape the possibilities for private-sector led urban development?
Presentations 10:45–12:15
Insurance urbanism: Building risky futures in Dar es Salaam
This paper advances ongoing discussions on asset-driven African urbanism, how new forms of property relations are connected to emergent welfare configurations on the continent and in the world, exploring how these arrive to the East African metropolis and is translated into everyday financial practises and investments.
It is progress isn’t it? Shopping Mall experiences on the Zambian Copperbelt: The case of Kitwe
The rapid proliferation of shopping malls in Kitwe, Zambia, has reshaped the urban environment, sparking the development of ancillary private infrastructure. While improvements in accessibility and modern amenities are acknowledged, concerns persist regarding inadequate public services and socio-economic disparities. Private investors seem to benefit more than the broader populace, highlighting the need for inclusive governance and holistic urban planning.
Proliferation, transcalarity and spatial implications of shopping malls in African cities: A study of Accra’s West Hills Mall, Ghana
There is a surge in shopping malls across many African cities. Yet, little research has been done on the transcalar nature of these investments and, more importantly, their spatial implications in African cities. We explore this subject using the West Hills Mall in Accra, Ghana, as a case study.
Extracting Value: How retail relates to inequality in South African townships
We examine how private capital is invested in former townships in retail projects, which seek to extract value from land and labor. We theorize this as “new extractive frontiers” financed by embedded local and national actors, and reflect on the implications of these spatialities in Johannesburg.
Nexus between the real estate developers and road infrastructure improvements in Dar es Salaam
Through an in-depth exploration of real estate developments along the Mwenge-Morocco and BRT-Morogoro Road corridors in Dar es Salaam, this paper provides valuable insights into different types of actors, their responses to the road improvements, and the implications shaping the city's landscape.
Presentations 13:45-15:15
When Brazilian and Chinese private developers build the space in Angola: finance, speculation and value production in the outskirts of Luanda
The paper examines Chinese and Brazilian-led private real estate developments in Angola. It analyzes ongoing transformations around Kilamba, a major Chinese-built city in the outskirts of Luanda, and discusses how private contractors and the state, the ultimate landlord in the country, benefit from it.
Chinese Real Estate Speculation in Lilongwe, Malawi: ‘Transcalar Territorial Networks’ and the ‘Real Estate Frontier’
In this paper we examine the motivations, aspirations and speculations of Chinese private capital as it plays out in both commercial and residential urban real estate projects in Lilongwe, Malawi. Our analysis draws attention to how – beyond the initial obtaining of land – the ongoing success (and thus their overall investability) of real estate projects, relies upon the dynamic cultivating of a multitude of relationships with the existing urban terrain and how this terrain and its future is imagined and speculated upon by local populations. By better understanding when, how and to what ends, new real estate projects interact with (and rely upon) the concrete specificity and place particularity of urban landscapes, the more opportunities are opened up for maximising the benefits of new investment for existing communities.
Unravelling the contextual specificities of affordable housing REITs in South Africa
We explore the limited take-off (so far) of residential REITs in South Africa via analysis of local REITs with affordable housing portfolios. Their histories, ownership, performance and shifting strategies reflect trends characterizing residential REITs globally and key contextual specificities.
Adjusting conditions and attitudes: creditworthiness and debt emission eagerness in Kenya’s water sector
Faced with the refusal of utilities to borrow on commercial terms, international Development and Kenyan water sector institutions have strived to adjust utilities' attitudes to establish private development finance flows, changing the natures of utilities, services delivery, and urban development.
Co-creating a sustainable framework for financing community infrastructure in a sub-Saharan African city
The study focused on how low-income neighbourhood communities can better respond to shocks and stresses and how they raise funds for supportive infrastructure during these occurrences. The study seeks to advocate for policies that support lower-level participation thus, promoting a more inclusive and equitable urban development in Lagos and similar megacities.
