Aluko, Boateng launch $500m African development fund

Date:

EV2N6716Nigerian oil magnate, Kola Aluko, and Ghanaian-born British fashion designer, Ozwald Boateng, have launched the Africa50, a $500m African infrastructure project development fund.

Thank you for reading this post, don't forget to subscribe!

Oscar-winning actor and musician, Jamie Foxx, joined the two African businessmen to officially launch the fund on Wednesday at the NASDAQ in New York, where they rang the opening bell, according to a report byForbes.

Africa50, a $500m pan-African infrastructure fund, is a joint venture between the African Development Bank and the Made In Africa Foundation, a United Kingdom non-profit organisation founded by Aluko and Boateng to facilitate development on the continent by funding large-ticket infrastructure projects across sub-Saharan Africa.

So far, Africa50 has raised about $250m, with Aluko and the AfDB committing $50m each to the fund.

Together with the AfDB, the MIAF plans to attract investments from development finance institutions, pension funds, sovereign wealth funds and governments to the fund.

Capri Global Capital, a US-based investment advisory founded by African-American fund manager, Quintin E. Primo III, will work with the AfDB and MIAF in raising the additional capital.

The alliance between MIAF and AfDB aims to raise $500m for Africa50’s project development arm by the first half of 2014. The money will be used to fund feasibility studies of large-scale infrastructure projects.

The Foundation is also planning to raise a $10bn project finance fund.

Aluko, a successful oilman, had said in the past that the solution to Africa’s problems was not charity in terms of building schools or hospitals, which sometimes are not sustainable.

“These projects happen and then they are left in incapable hands and they are not commercially driven. As a consequence, most of them will go on for as long as the money has been given lasts and beyond that they slowly dilapidate and slowly die,” he said in an online broadcast.

 

 

[Punch]

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

Share post:

Subscribe

Popular

More like this
Related

Senate to Probe N30tn Ways and Means Loan: CBN Officials to be Quizzed

The Senate's Ad-hoc Committee, led by Senator Isah Jibrin,...

Qatar Airways and Access Bank Partner for Exclusive Flight Discounts in Africa

Subheading: Partnership aims to provide travel incentives and alleviate...

FCMB Urges Accountants to Prioritize Sustainability Accounting for Trust and Development

Yemisi Edun advocates transparency and sustainable practices in a...

Rand Merchant Bank Optimistic about $11.8bn Indo-Nigeria Trade Potential

RMB expresses confidence in trade relations between Nigeria...
WP to LinkedIn Auto Publish Powered By : XYZScripts.com