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