Petroleum Africa
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Monday, September 30, 2013
A Nigerian oil man and Ghanaian-born British fashion designer have launched Africa50, a $500 million African infrastructure project development fund. Oil magnate Kola Aluko and fashion designer Ozwald Boateng, along with US actor and musician Jamie Foxx officially launched Africa50 on NASDAQ September 24 and rang the opening bell.
Africa50 is a $500 million Pan-African infrastructure fund that is a JV between the African Development Bank (AfDB) and the Made IN Africa Foundation (MIAF), a UK-based non-profit organization founded by Aluko and Boateng to facilitate development in Africa by funding large-ticket infrastructure projects across the sub-Saharan region.
So far, Africa50 had raised about $250 million, with Aluko and the AfDB committing $50 million each to the fund. Together with the AfDB, the MIAF plans to attract investments from development finance institutions, pension funds, sovereign wealth funds and governments to the fund.
The alliance between MIAF and AfDB aims to raise $500 million for Africa50’s project development arm by the first half of 2014. The money will be used to fund feasibility studies of large-scale infrastructure projects. Made In Africa is also planning to raise a $10 billion project finance fund.
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