Kenyan President Uhuru Kenyatta announced on Thursday that his country will double its stake in Africa50, the African venture capital fund supported by the African Development Bank (AfDB).
« The private sector is important to fill the investment gap on the continent and the African private sector to set an example by investing in Africa so that other investors around the world can have the confidence to channel their funds to the continent. He said at the official opening of the 53rd Africa50 shareholders meeting in Nairobi.
It should be noted that Kenya’s contribution was up to $ 50 million, and will have to be increased to $ 100 million.
For his part, Africa50 chairman of the board, Akinwumi Adesina, said the fund offers a new framework to address Africa’s development needs, adding that the continent suffers from a funding shortfall. infrastructure up to $ 108 billion.
The Africa50 investor base is currently composed of 25 African countries, the African Development Bank, the Central Bank of West African States (BCEAO) and Bank Al-Maghrib, with a committed capital of 890 millions of dollars.