Africa50 has announced that 20 African countries and the AfDB have subscribed for an initial aggregate amount of US$830 million in share capital.
These founding African countries are Benin, Cameroon, Congo, Djibouti, Egypt, Gabon, Ghana, Côte d'Ivoire, Madagascar, Malawi, Mali, Mauritania, Morocco, Nigeria, Niger, Senegal, Sierra Leone, Sudan, The Gambia and Togo.
While this first closing was available only to African countries, it is anticipated that the second and subsequent closings will be available not only to African countries that are yet to invest in Africa50, but also to non-sovereign investors both in Africa and outside Africa. The second closing is expected before the end of 2015. Africa50's medium term capitalization is projected to reach US$3 billion.
Africa50 aims to mobilize long-term savings within and outside Africa for the financing of commercially viable infrastructure projects across Africa. Through an integrated approach, Africa50 will invest in African infrastructure projects at scale along the entire project finance value chain leveraging its innovative Project Finance and Project Development windows.
Africa50 is headquartered in Casablanca, Morocco. A headquarters agreement was signed with the Kingdom of Morocco that confers upon Africa50 a range of privileges and immunities similar to those enjoyed by the African Development Bank. Other decisions taken at the meeting included the appointments of the members of the Boards of Directors of the Project Finance and Project Development vehicles and also the appointment of KPMG as external auditors.