Africa gets $830m infrastructure fund (PM News (Nigeria))

Donald Kaberuka, outgoing AfDB President

The new infrastructure investment platform in Africa, Africa50, backed by the African Development Bank (AfDB), has raised 830 million dollars for infrastructure investment on the continent.

A communique issued on Thursday at the end of AfDB’s general constitutive assembly held in Casablanca, Morocco, said the money was contributed by 20 African countries and the AfDB.

The very strong expression of commitment from African countries is the first indispensable step to attracting institutional investors.

Including sovereign funds and insurance company funds, as well as other long-term financing sources from the whole world.

In the mid-term, Africa50 capitalisation should reach 3 billion dollars,” the communique said.

The AfDB outgoing president, Donald Kaberuka, also president of the Africa50 councils, hailed the African governments for their financial commitments in accelerating financing infrastructure in Africa.

Africa50 is a new stage for the financing of infrastructure in Africa,” he said.

He also said the creation of Africa50 aimed to mobilise long-term savings within and outside Africa to finance commercially viable infrastructure across Africa.

He said that Africa50 would invest in African projects on all the channel of value of project financing by focusing on its two organizations.

Africa50 founding member countries are Benin, Cameroon, Republic of Congo, Djibouti, Egypt, Gabon, Ghana, Ca’te d’Ivoire, Madagascar, Malawi, Mali, Mauritania, Morocco, Nigeria, Niger, Senegal, Sierra Leone, Sudan, Gambia and Togo.

The communique said that Africa50 is billed to have its headquarters in Casablanca following an agreement signed with Moroccan authorities.