Africa50 Infrastructure Fund will hold its first General Assembly in Casablanca, Morocco this month, senior sources from the fund told Amwal Al Ghad Wednesday.
In May 2014, the fund was launched by Africa’s largest development lender, the African Development Bank (AfDB) aiming to help the continent in delivering vital infrastructure through a new global partnership platform.
The initial capital of Africa50 Fund is at value of US$3 billion, to be scaled up to at least US$10 billion through the participation of African governments, international financial institutions, insurers, African tycoons, and sovereign funds.
Africa50 has been structured as an independent, profit-driven, commercially managed entity dedicated exclusively to Africa’s infrastructure opportunities.
The AfDB commits US$500 million to the fund’s capital.
In August 2014, Casablanca was selected to be Africa50’s headquarters after evaluating offers of 9 countries.
Earlier in June this year, a government source informed Amwal Al Ghad that Egypt had approved US$100 million worth of commitment to Africa50 Infrastructure Fund’s equity capital.
AfDB’s ongoing portfolio in Egypt consists of a total of 29 projects worth U$1,9 billion divided into loans and grant, with the vast majority (around 79%) centered on the energy sector, the minister added.
Egypt is the AfDB’s second-largest African shareholder, which accounts for 5.4% of its regional member countries’ share capital.