The African Development Bank (AfDB) and Made in Africa Foundation officially launched the fundraising for the Africa50 infrastructure fund on Thursday, at the NASDAQ Stock Exchange in New York City.
AfDB and Made in Africa Foundation (MIAF) have partnered to co-market initiatives that will catalyze funding for Africa's largest infrastructure delivery vehicle created to-date, Africa50.
With the critical objective of reducing the timing required to develop infrastructure projects in Africa, Africa50 is the result of experience and innovation.
Over the past five years, AfDB has delivered over USD 5.4 billion in critical infrastructure investment in Africa through private sector and public-private partnership financing.
For its part, MIAF was born when internationally renowned Ghanaian-born designer Ozwald Boateng and leading Nigerian entrepreneur Kola Aluko of Atlantic Energy realized that a few hundred million dollars of investment in project development could change the course of economic development for the whole of Africa.
The alliance between MIAF and AfDB aims to raise up to USD 500 million for Africa50's project development arm by the first half of 2014.
The historic alliance between MIAF and AfDB was formally launched at the NASDAQ Stock Exchange early Thursday.