The fund will be formally launched at the Nasdaq exchange later today in a ceremony that will be attended by Jay Z, Jamie Foxx and the next president of the United Nations General Assembly Sam Kutesa.
Africa50 will be comprised of two funding arms, Project Development and Project Financing. The former will be sponsored by MIAF and AfDB, which aim to raise $500m by the first half of 2014, and supported by investment advisory Capri Global Capital.
Africa50 head Tas Anvaripour said, “African infrastructure projects are increasingly capturing the attention of investors worldwide. However, the number of bankable infrastructure projects brought to market is still insufficient, even though they offer an excellent way to diversify investment portfolios and steady, long-term, and above average returns.”
AfDB President Donald Kaberuka recently said that “to increase the rate of infrastructure delivery in Africa we need to speed up project preparation and project development.”
“The critical objective is to shorten the time between the idea and financial close from a current average of seven years to less than three years,” he added.
Earlier this week it was reported that Africa-focused private equity firm Emerging Capital Partners started pre-marketing for a new vehicle which could target up to $750m.
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