Nigeria, eight other African sovereign funds, Three Gulf sign deal to spur investment

Date:

RABAT, June 20 – Three Gulf sovereign funds signed a deal on Monday in Rabat with Nigeria, Angola, Djibouti, Egypt, Ethiopia, Gabon, Ghana, Morocco and Rwanda to promote investment on the continent.

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The deal was signed by Abu Dhabi’s Investment Authority and holding firm ADQ in addition to Kuwait’s Investment Authority on the sidelines of the first meeting of Africa Sovereign Investors Forum (ASIF).

ASIF organizers gave no details on how exactly the Gulf funds will support their African counterparts.

ASIF “will enable us to explore new opportunities with potential partners in Africa for ADQ and its portfolio companies,” said ADQ CEO Mohamed Hassan Alsuwaidi.

CEOs of African Sovereign Funds taking part at the event said the focus for ASIF will be on mobilizing capital and equity, promoting green projects and investing in logistics to improve interconnectivity within the continent.

The African sovereign funds which signed the deal include Morocco’s Ithmar Capital, Nigeria Sovereign Investment Authority, Ghana Infrastructure Investment Fund, Gabon’s FGIS, Rwanda’s AGACIRO, Angloga’s Fundo Soberano, the Sovereign Fund of Egypt, Senegal’s FONSIS and Djibouti’s Sovereign Fund.


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