Egypt has paid around $70 million out of a $200 million contribution it pledged to the African Development Bank-led Africa50 Infrastructure Fund’s equity capital, a government source said Monday.
Egypt pays its commitment to the Africa50 Fund in gradual tranches, the source told Amwal Al Ghad.
The fund was launched in 2014 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.
Africa50 has been structured as an independent, profit-driven, commercially managed entity dedicated exclusively to Africa’s infrastructure opportunities. The AfDB seeks to attract an initial $3 billion in equity capital for the fund, 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.