São Paulo – This week saw the launch of a new fund for African development in New York, United States. The Africa50 Fund was designed to fund infrastructure and continental integration projects, especially in energy, transport and connectivity. The goal is to ensure the development of Africa for the next 50 years.
According to the news agency Panapress, the fund is an initiative of the Made In Africa Foundation, which was established two years ago to boost development in the continent. The foundation is managed by the Nigerian businessman Kola Aluko, of the Atlantic Energy company, and by the Ghanaian designer Ozwald Boateng.
According to information released on the Made In Africa Foundation website, the organization will work in tandem with the African Development Bank (ADB). One of the goals is to cut down the timeframe required for infrastructure projects in the continent. The Africa50 fund should invest US$ 500 million by mid2014. The intiative was launched on the United States automated stock exchange Nasdaq.
The fund will operate in two fronts: project development and project financing. The fund will count on support from the US-based global consulting firm Capri Capital, LLC. Capri Capital, ADB and the Made In Africa Foundation will work together to plan investment strategies aiming to tap into idle potential in Africa. “The critical objective is to shorten the time between the idea and financial close from a current average of seven years to less than three years,” said ADB president Donald Kaberuka.
*Translated by Gabriel Pomerancblum
