During the first general assembly of Africa50, the new General director of funds promised to carry the capital to 1 billion dollars before the end of 2016. An objective that seemed realistic because
since its launching last year, the Fund has managed to raise 830 million dollars. The
first funds will soon be acquired, notably in the energy sector.
Whereas this new investment fund was created just last year, Africa50 funds announces the financing of its first projects. Since the nomination of its new director who will manage the funds from Casablanca,
the presented ambitions have risen.
The first ordinary general assembly of Funds Africa50 held on 21 July in Casablanca under the leadership of Adesina Akinwumi, president of the African Development Bank group (AfDB) in the presence of representative from shares holding countries. During this occasion the president indicated that the first funds will soon be acquired in the profit of target projects. According to Alain Ebobissé, the new Funds’ general director, promises to reach the 1 billion dollars’ target before the end of 2016. An objective that seems realistic because since its launching last year, the Fund has managed to raise 830 million dollars. Allain Ebobissé is also committed to make the funds operational in the shortest period possible.
for his action program, it consists in fund raising through public and private investors. The general director of Africa50 also indicated that the first projects of the funds will be realized over the next 12 months. «We give priority to projects that have the most impact to the population», he promised. Energy, the first targeted sector, the new director indicated that energy project will be launched soon. On the operational plan, Mr
Allain Ebobissé is committed to the funds management flexible in order to facilitate the realization of projects. «We will be strict in project management, but also
go fast», he said. AfDB’s president assured that the new director of Funds Africa of necessary support from the financial institution to better accomplish the mission. He further encouraged the funds director to put into place a fruitful collaboration strategy between Africa and International Financial institutions, and to give a particular attention to the conclusion of private sector partners. The role of the private sector is more crucial than in 2015, it injected 8.5 billion dollars in the financing of 29 infrastructure projects in Africa, i.e. +55% compared to 2014. As a reminder, the financial needs in the infrastructure sector is estimated at 100 billion dollars per year. To respond to these pressing needs, the group’s president assured he will «continue to create partnership to favor sources of financing of infrastructure in the continent». During the work of the first general assembly, new shareholders entered the capital of Funds Africa50; Burkina Faso and Kenya and two other financial institutions; Central Bank of West African States (BCEAO) and Bank Al-Maghrib (Central bank of Morocco). This two institutions contributed 25million dollars.
