African Development Bank (AfDB) has instituted a US$100 billion infrastructure fund to fast track the continent’s industrial development, Dr Ousmane Dore, Nigeria Country Director of AfDB, told journalists in Abuja. He said Friday that the fund, called Africa50 Fund, would be derived from Africa’s resources.
Dore explained the the idea of the fund was to mobilise domestic savings that already existed in the continent through equity participation from member states and the private sector.
He said the initiative also aimed at delivering infrastructure through a new global partnership platform championing projects to tackle Africa’s infrastructure deficit.
According to Dore, the thinking about how Africa’s development will be financed over the next 50 years in the era of shrinking external donor support led to the establishment of Africa50 Fund.
( Courtesy APA, AGENCIES & African Development Bank …… Source …….. NEW AFRICA BUSINESS NEWS)