“Africa50” inaugurates its headquarters in Casablanca

Abidjan- The Pan African Infrastructure Investment Platform, Africa50, has inaugurated its headquarters in Casablanca’s La Marina.

Present at the ceremony were the Moroccan Secretary of State for Investment with the Minister of Industry, Investment, Trade and Digital Economy, Otman Ferdaous, and the President of the General Confederation of Enterprises of Morocco (CGEM), Salaheddine Mezouar.

The Africa50 Chief Executive Officer (CEO), Alain Ebobisse, hailed the contribution of Morocco in terms of its shareholding in Africa50 which amounts to US$100 million.

This is aside the US$20 million invested by the Bank Al-Maghrib.

President Mezouar underlined the key role that Africa50 could play at the continental level, in the development of viable infrastructure projects, through its pragmatic approach and diversified experience of the management team and its partners.

The inauguration of the new headquarters of Africa50 follows a series of events that have marked the path of the Institution since its creation.

In 2012, African Heads of State gathered at the 18th Summit of the African Union (AU) called for the creation of an innovative financing vehicle for remedying the chronic lack of infrastructure on the continent.

In response to this call, the African Development Bank and a number of African states have created Africa50, whose founding charter was ratified by African finance ministers in May 2013, during the 50th anniversary of the AU.

The temporary seat of Africa50 was opened in Casablanca in September 2014, and the founding General Meeting of the founding shareholders took place in July 2015.

Africa50 is an investment platform created by the African Heads of State and the African Development Bank (AfDB), whose mandate is to develop and invest in infrastructure projects with high developmental impact, through mobilization of public and private funds, while offering attractive returns to investors.

Currently Africa50 has 30 shareholders, namely 27 African countries, the ADB, Bank Al-Maghrib and the Bank of West African States (BCEAO), with a committed capital of more than US$850 million.

Source: Ghana News Agency