Jeune Afrique reports on the African Development Bank’s new project for promoting infrastructure and other development projects in Africa. Based in Morocco’s Casablanca Finance City, the capital-enhancing mechanism will encourage public and private investment and build on AfDB’s extensive experience in funding and promoting development projects:
Based in Casablanca Finance City and designed by the African Development Bank (AfDB), the Africa50 fund was officially launched on Wednesday, September 3. The fund aims to finance infrastructure projects in Africa, mainly targeting private investors.
Africa50, the delivery system created by the African Development Bank (AfDB), is now operational. Headquartered in Casablanca Finance City, this new investment platform will finance national and regional infrastructure projects in Africa in order to accelerate the continent’s development rate.
Financing $100 billion of investment
Africa50’s inception proposal was ratified by African finance ministers in May 2013 in Marrakesh, during AfDB’s annual assembly. The project will require an initial funding capital of $3 billion, which will later have to be raised to $10 billion…[Full Story, Article in French]