Africa50 to mobilise USD 1 billion for infrastructure projects in Africa
Africa50 held on 21 July 2016 its first Annual General Meeting (AGM) following its historic Constitutive General Assembly which took place in July 2015 and where twenty (20) African countries and the African Development Bank subscribed to a total of USD 830 million in its initial share capital. The AGM saw the participation of African governments and central banks with delegates discussing the progress to date and future prospects of the Fund as well as approving the audited financial statements over the first 5 months of operations from 29 July 2015 to 31 December 2015.
Speaking at the AGM, the Chairman of Africa50, Akinwumi A. Adesina thanked delegates for their continued support to date and also welcomed additional founding shareholders who came on board subsequent to the Constitutive General Assembly. Adesina presented to shareholders the many milestones reached by Africa50 in its first five months of operations together with the outlook for 2016, including a target to reach the 1 billion dollar mark within the next 6 to 9 months, and committing its first investments within a short timeframe.
Further to today’s new subscriptions to the shares of Africa50 by two (2) countries and two (2) institutional investors, Africa50 now has a total of twenty five (25) shareholders consisting of twenty two (22) African countries, the African Development Bank, and two African Central Banks (Bank Al Maghrib of Morocco, and the Central Bank of West Africa States - BCEAO). It is worth noting that the number of shareholders is expected to grow further on the back of ongoing discussion with other prospective state participants and planned discussions with institutional investors. The AGM adopted a number of resolutions among which the approval of the annual report and audited financial statements.
The AGM also welcomed the incoming Chief Executive Officer, Alain Ebobisse who takes up the role effective from the August 8th 2016. Ebobisse was previously Chief Investment Officer in the International Finance Corporation (IFC)’s Global Infrastructure and Natural Services Department and Global Head of the World Bank Group’s Global Infrastructure Project Development Fund also known as IFC InfraVentures. The Chairman paid tribute to the outgoing Acting CEO Alassane Ba who held the reins of Africa50 during its establishment and capital raising phases of the Fund.
About Africa50: Africa50 is an innovative vehicle, initially sponsored by the African Development Bank with a vision to accelerate the provision of much needed infrastructure on the African continent, by supporting the development of private projects and public-private partnerships and by mobilizing and leveraging long-term savings and resources within and outside Africa for the financing of commercially viable infrastructure projects, across Africa. Africa50 has two operating windows, Project Development and Project Finance, which are both incorporated in Casablanca, Morocco, and enjoy certain privileges and immunities. While adopting a strong private sector approach in its business operations, Africa50 is founded on the highest standards of corporate governance and ethical, financial, environmental and social responsibility. For more information please visit:www.africa50.com