AFDB’S Africa50 raises $800m for cru­cial in­fra­struc­ture pro­jects

The East African - - THE MARKET WHISPERER -

Africa’s in­fra­struc­ture fund, Africa50, has mo­bilised $800 mil­lion from its share­hold­ers to fi­nance key in­fra­struc­ture pro­jects in en­ergy and trans­port sec­tors on the con­ti­nent. The fund, which was cre­ated by the African De­vel­op­ment Bank (AFDB) in 2012, is owned by 23 African mem­ber states and two cen­tral banks — the Cen­tral Bank of West African States (BCEAO) and the Bank Al-maghrib (BAM). Last week, the fund’s share­holder base in­creased to 25 coun­tries after Guinea and the Demo­cratic Repub­lic of Congo (DR Congo) be­came mem­bers. “This fund de­serves to suc­ceed and for this to hap­pen it re­quires the sup­port of the share­holder coun­tries and AFDB,” said Ak­in­wumi Adesina, the fund’s chair­man and AFDB’S pres­i­dent.

Newspapers in English

Newspapers from Kenya

© PressReader. All rights reserved.