Africa 50 to mobilise $1 billion for infrastructure projects
Following its historic Constitutive General Assembly, which took place in July 2015, where 20 African countries and the African Development Bank subscribed to a total of $830 million in its initial share capital, Africa50 held its first Annual General Meeting (AGM), recently.
The AGM saw the participation of African governments and central banks with delegates discussing the progress to date and future prospects of the Fund as well as approving the audited financial statements over the first 5 months of operations from July 29, 2015 to December 31, 2015.
Speaking at the AGM, the Chairman of Africa50, Akinwumi A. Adesina thanked delegates for their continued support to date and also welcomed additional founding shareholders who came on board subsequent to the Constitutive General Assembly. Adesina presented to shareholders the many milestones reached by Africa50 in its first five months of operations together with the outlook for 2016, including a target to reach the 1 billion dollar mark within the next 6 to 9 months, and committing its first investments within a short timeframe.
Further to today’s new subscriptions to the shares of Africa50 by two countries and two institutional investors, Africa50 now has a total of 25 shareholders consisting of 22 African countries, the African Development Bank, and two African Central Banks (Bank Al Maghrib of Morocco, and the Central Bank of West Africa States – BCEAO).
It is worth noting that the number of shareholders is expected to grow further on the back of ongoing discussion with other prospective state participants and planned discussions with institutional investors. The AGM adopted a number of resolutions among which the approval of the annual report and audited financial statements.
The AGM also welcomed the incoming Chief Executive Officer, Alain Ebobisse who takes up the role effective from August 8, 2016.