Morocco Vows To Ensure Success Of Africa 50 Fund Establishment
Morocco is vowing to take all the needed measures to ensure the success of the establishment of the Africa50 Fund, said on Monday Moroccan minister of economy and finance, Mohamed Boussaid.
"In addition to being a seat country, Morocco is planning to play a leading role in securing a good start, successful establishment and operation of the Africa 50 fund", the official told a mission of the African development bank visiting Morocco to kick-start the inception legal formalities of the Fund which will be headquartered at the "Casablanca Finance City".
"The fund's biggest challenge will be to have international institutions raise the needed sum for the Fund's initial capital of 3 billion Dollars to be raised to 10 billion DH", he added.
The Fund aims at mobilizing private financing to accelerate the speed of infrastructure delivery in Africa, thereby creating a new platform for Africa’s growth.
Africa50 will focus on high-impact national and regional projects in the energy, transport, ICT and water sectors
MAP 01 September 2014