According to sources, the Africa50 infrastructure fund will be based at the Casablanca Finance City financial place in Morocco.
The African Development Bank (AfDB) and Made in Africa Foundation (MIAF) have partnered to co-market initiatives that will catalyze funding for Africa's largest infrastructure delivery vehicle created to-date, Africa50
.With the critical objective of reducing the timing required to develop infrastructure projects in Africa, Africa50
is the result of experience and innovation. Over the past five years, AfDB has delivered over USD 5.4 billion in critical infrastructure investment in Africa through private sector and public-private partnership financing.
Africa50 will need an equity investment of USD 10 billion. To begin operations, Africa50 targets raising $3 billion in equity capital, to establish credibility with governments, private developers and financial markets.
According to sources, the choice of Morocco confirms the attractiveness of the Casablanca Finance City as a regional and international financial hub that plays a key role in Africa's financial integration and economic development.
In October 2013, the AfdB sought expressions of interest from suitably qualified consulting firm to support the structuring, establishment, and fundraising efforts of Africa50.
The African Development Bank and Made in Africa Foundation officially launched the fundraising for the Africa50 infrastructure fund on September 26th, 2013 at the NASDAQ Stock Exchange in New York City.