18 African entities raise financing for Africa50 infrastructure fund

Ahram Online , Tuesday 4 Jul 2023

Eighteen African entities signed agreements with Africa50 to raise financing for the first close of the Africa50 Infrastructure Acceleration Fund, according to a press release on Tuesday.

The signature ceremony. Africa50 website.
The signature ceremony. Africa50 website.

 

Signatories include sovereign wealth funds, development finance institutions (DFIs), banks, pension funds, asset managers, retirement agencies, and international institutional investors.

The new fund will attract more investment for infrastructure projects in Africa, such as energy, transportation, telecommunications, and water.

The first close of a fund is when initial capital commitments are accepted by investors.

 “With the Fund, we are positioning the Africa50 Group to play a lead role in helping to tap into the more than $98 trillion of global assets under management,” said Akinwumi A. Adesina, President of the African Development Bank.

“Together, we will catalyze African financial resources to build the foundations for a brighter future, one that drives prosperity, job creation, and sustainable development for all Africans,” CEO of Africa50 Alain Ebobissé stated.

Africa50 is an infrastructure investment bank focusing on high-impact energy, transport, information technology and communication, and water projects.

Africa50 has invested over $6.6 billion in African infrastructure projects since its establishment in 2012.

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