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Nigeria : AFDB sets up $100 billion Africa50 fund for infrastructure funding

June 7, 2014

Ousmane Dore, Nigeria Country Director of AfDB, said on 4 June 2014 in Abuja that the African Development Bank instituted a US $100 billion infrastructure fund to fast track the continent s industrial development.

The fund, Africa50 Fund , would be derived from Africa s resources.

The idea of the fund was to mobilize domestic savings that existed in the continent through equity participation from the private sector and member states.

He said the initiative aimed at delivering infrastructure via a new international partnership platform championing projects to tackle Africa s infrastructure deficit.

The thinking about how Africa s development will be funded for the next 5 decades in the era of shrinking external donor support led to the establishment of Africa50 Fund.

He said, The fund, which aims to mobilise up to 100 billion dollars in the first instance, is expected to be a game changer in Africa s quest for development by relaxing the infrastructure constraints facing the continent. The fund, we believe, remains an answer to all the questions that Africa s policy makers have always faced when they think of going to international market to raise resources to build roads to finance power sector and all that.

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Source: TendersInfo (India)

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