AfDB President Akinwumi Adesina appointed Chair of Africa50 Boards of Directors

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The Boards of Directors of Africa50 Project Development and Project Finance met on October 6, 2015 in Abidjan, Côte d’Ivoire. The Boards approved the appointment of Akinwumi A. Adesina, President of the African Development Bank, as the new Chairperson of both Boards. Members expressed great satisfaction about the enthusiastic acceptance by Adesina of this important role and the continued strong support of the African Development Bank.

In his opening remarks, Adesina expressed great appreciation for the strong foundation laid by Donald Kaberuka, the first Chairperson of Africa50, who voluntarily stepped down as Chairperson of the Boards of Directors at the end of his term as President of the African Development Bank on August 31, 2015. Adesina pledged to continue to strengthen “the complementary relationship between Africa50 and the African Development Bank in the delivery of much-needed infrastructure in Africa, particularly in addressing the most binding constraint, which is the development of bankable projects.”

The Boards discussed the upcoming second financial close for Africa50, which is expected to increase the number of subscribed countries from the current twenty (20) and bring the total subscribed capital to the near-term target of USD 1 billion. The Boards also discussed the status of ratification of the Protocol accords by the member countries and the recruitment of the senior management team.

About Africa50:

Africa50 is a specialized international financial institution established to help accelerate infrastructure development in Africa. Africa50 has two operating windows: Project Financing and Project Development. Both are incorporated in Casablanca, Morocco, and enjoy certain privileges and immunities. As a public-private sector partnership, the shareholders of Africa50 are expected to comprise not only African sovereigns, but also non-sovereigns within and outside Africa. Africa50 is committed to the highest standards of corporate governance and ethical, environment and social responsibility.

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