Africa50 infrastructure fund to reach $1bn

26 Jul 16

Delegates at the first annual general meeting of Africa50 held last week have said funds will hit the $1bn mark within the next nine months.

Africa50 is an investment platform for infrastructure across the continent, which focuses on high-impact national and regional projects. It was created in 2015, at which point 20 African countries and the African Development Bank contributed to a total initial pot of $830m.

It aims to accelerate the provision of much-needed infrastructure in Africa by supporting the development of private projects and public-private partnerships.

According to a statement, delegates at the AGM discussed progress, set future targets and approved audited financial statements from the first five months of operation.

Africa50 chair Akinwumi A. Adesina thanked delegates for their continued support and set out a target to reach the $1bn funding mark within nine months.

Africa50 now has 25 shareholders, comprising 22 African countries, the Asian Development Bank, and two African central banks (Bank Al Maghrib of Morocco, and the Central Bank of West Africa States). The number of shareholders is expected to grow further on the back of ongoing discussion with potential participants.

The AGM also welcomed the incoming chief executive Alain Ebobisse who will assume the role from 8 August. Ebobisse was previously global head of the World Bank Group’s global infrastructure project development fund.

He also serves as chief investment officer at the International Finance Corporation’s global infrastructure and natural services department.

Did you enjoy this article?

Related articles

Have your say

CIPFA latest