Africa gets $830m infrastructure fund

Donald Kaberuka, outgoing AfDB President
Donald Kaberuka, outgoing AfDB President
The new infrastructure investment platform in Africa, Africa50, backed by the African Development Bank (AfDB), has raised 830 million dollars for infrastructure investment on the continent.
A communiqué issued on Thursday at the end of AfDB’s general constitutive assembly held in Casablanca, Morocco, said the money was contributed by 20 African countries and the AfDB.
“The very strong expression of commitment from African countries is the first indispensable step to attracting institutional investors.
“Including sovereign funds and insurance company funds, as well as other long-term financing sources from the whole world.
“In the mid-term, Africa50 capitalisation should reach 3 billion dollars,” the communiqué said.
The AfDB outgoing president, Donald Kaberuka, also president of the Africa50 councils, hailed the African governments for their financial commitments in accelerating financing infrastructure in Africa.
“Africa50 is a new stage for the financing of infrastructure in Africa,” he said.
He also said the creation of Africa50 aimed to mobilise long-term savings within and outside Africa to finance commercially viable infrastructure across Africa.
He said that Africa50 would invest in African projects on all the channel of value of project financing by focusing on its two organizations.
Africa50 founding member countries are Benin, Cameroon, Republic of Congo, Djibouti, Egypt, Gabon, Ghana, Côte d’Ivoire, Madagascar, Malawi, Mali, Mauritania, Morocco, Nigeria, Niger, Senegal, Sierra Leone, Sudan, Gambia and Togo.
The communique said that Africa50 is billed to have its headquarters in Casablanca following an agreement signed with Moroccan authorities.

Comments

Post a Comment

Popular posts from this blog

Vera Wang to design Lady Gaga’s wedding dress

Image
(Vera Wang to design Lady Gaga’s wedding dress. Photo: Shemazing) Lady Gaga , who is preparing to tie the knot with  Chicago Fire  actor,  Taylor Kinney , reportedly reached out to her fashion designer pal,  Vera Wang , to ask her to create her dream wedding dress. A source told Life & Style magazine: ‘She trusts Vera to create an elegant, flowy dress that will fit into her dream wedding!’ The designer has previously created custom-made gowns for a number of other celebrities including Khloé Kardashian ,  Alicia Keys ,   Mariah  Carey  and Nigerian singer,  Tiwa Savage . (Lady Gaga is preparing to tie the knot with ‘Chicago Fire’ actor, Taylor Kinney. Photo: AP) The couple, who got engaged last Valentine’s Day on  February 14  after four years of dating , are planning to exchange vows in a ‘relaxed beach wedding’ this summer at the 29-year old singer’s $23 million mansion in Malibu, California.
Read more

Jeff Bezos Remains World Wealthiest As His Fortunes Hits $172 Billion

Image
Jeff Bezos’ wealth has hit a new high following a recent rise in Amazon’s stock value. Bezos, the founder and CEO of Amazon, is now worth $172 billion according to the Bloomberg Billionaires Index. Bezos’ ex-wife MacKenzie took 25 percent of his shares, which meant at the time her stake was worth more than $35 billion, according to Forbes. However, 56-year-old Bezos remained the wealthiest person on the planet after the settlement and his wealth has continued to soar amid the coronavirus pandemic. Bezos’ company, Amazon has been doing particularly well in recent months with the increased demand for online shopping de to the Coronavirus pandemic. As a result, the company’s share prices has increased. According to Comparisun, Bezos is on track to be the world’s first trillionaire by 2026.
Read more

It's been 25 years since Saddam Hussein's invasion of Kuwait

Image
A quarter century ago, after Saddam Hussein's Iraqi army successfully invaded and took over the tiny Persian Gulf nation of Kuwait, President George H.W. Bush famously drew a line in the sand against Iraqi aggression. While the United States and its allies easily ejected Iraq from Kuwait within seven months of the Aug. 2, 1990, invasion, Bush's line has continued onward in an almost Biblical fashion, accompanied by plenty of pre-modern horrors. The Gulf War begat the 9/11 terrorist attacks, which begat the US invasions of Afghanistan and Iraq, which begat ISIS, which begat a potential future war with Iran or Syria or even what remains of Iraq. At the time, however, Bush said standing up to Hussein's Iraq was necessary to protect neighboring Saudi Arabia, a key US ally and the world's largest oil producing country, both then and now. "The sovereign independence of Saudi Arabia is a vital interest to the United States," said Bush, a Republican. O
Read more