The African Development Bank (AfDB) contributes US$500 million to Africa50 Infrastructure Fund's equity capital, senior sources with knowledge of the matter told Amwal Al Ghad on Wednesday. Africa50 was launched by the AfDB amid plans to attract an initial US$3 billion in equity capital for the fund. The bank has recently hold meetings with Egyptian government officials to discuss Egypt's contribution to Africa50's capital, the sources noted. There will be a new round of talks with the AfDB within weeks to tackle Egypt's share of infrastructure projects on the Africa50's financing agenda, the sources added. Africa50 has been structured as an independent, profit-driven, commercially managed entity dedicated exclusively to Africa's infrastructure opportunities. The fund was endorsed in May 2013 by the Finance ministers at AfDB's Annual Meetings in Marrakech, as a new initiative that will partner with regional institutions for transformational projects. The focus will be trans-continental infrastructure, including priority projects under the Programme for Infrastructure Development in Africa. In August 2014, Morocco had selected Casablanca as Africa50's headquarters after evaluating offers of 9 countries. The initial capital of Africa50 Fund is at value of US$3 billion, seeking to grow to reach US$10 billion later through the participation of African governments, international financial institutions, insurers, African tycoons, and sovereign funds.
