A new fund was just established by the African Development Bank (ADB) in Morocco at the Casablanca Finance City financial place.
It is called “Africa 50” Fund, intended for the financing of infrastructures in Africa.
According to a communiqué published on Monday by the Moroccan Ministry of Economy and Finances, it is further to a meticulous evaluation of the offers presented by nine member African countries of the ADB.
This Funds must be endowed with a 3 billion dollar initial capital and that will be later raised to 10 billion dollar and aims at attracting financing from varied sources, mainly coming from States, international and regional financial institutions, pension funds, sovereign funds and private sector in order to accelerate the realization of the infrastructure projects in Africa.
The communiqué underlined that the banking domiciliation of the Funds in Morocco also comes to consecrate the attractiveness and the success of the choice of Casablanca Finance City as the regional and international financial center that must play a key role in the financial integration, the economic and social development of the continent.
The initiative for the creation of the “Africa 50” Fund was adopted during the annual Assemblies held in May 2013 in Marrakesh.
The objective of this meeting being to endow the African continent with a mechanism of innovative financing allowing to increase the mobilization of the large-scale resources and to attract private financing in order to reduce the deficit in infrastructures of Africa, explained the communiqué.
Original text by: Blaise AKAME