Africa50 is the new and innovative infrastructure investment platform promoted by the African Development Bank (AfDB) . This investment platform held its Constitutive General Assembly on the 29th of July 2015 in Casablanca, Morocco.
Africa50 is 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
During the Constitutive General Meeting, Africa50’s founding members signed the articles of incorporation. 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. These Twenty African countries and the African Development Bank have subscribed for an initial aggregate amount of USD 830 million in share capital.
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.
While adopting a strong public private sector approach in the development of its business, Africa50 is founded on the highest of corporate governance, ethical, financial, environmental and social responsibility frameworks.
The newly elected Boards of Directors met after the Constitutive General Assembly and has launched the recruitment of the Chief Executive Officer of Africa50 through an international competitive selection process. In the meantime, the Board has appointed Alassane Ba as the acting Chief Executive Officer, as part of measures to kick off operations at Africa50. Africa50 expects to start developing and financing projects before the end of 2015.