News
02 Jun 2013
3 min read
Towards the establishment of the Africa 50 Fund to reduce the infrastructure deficit
The proposal to establish the Africa 50 Fund to reduce the infrastructure deficit on the continent was welcomed with satisfaction by all participants at the 48th Annual Meetings of the African Development Bank (AfDB) Group, which concluded last Friday in Marrakech.
The creation of the Africa 50 Fund was one of the innovative financial solutions proposed to reduce the infrastructure deficit in Africa. It was one of the major decisions taken during these 48th Annual Meetings of the AfDB, which were held under the High Patronage of His Majesty King Mohammed VI with the theme 'Structural Transformation of Africa'.The Africa 50 Fund is 'an important idea' that must be implemented immediately, the delegates stated in the final communiqué that concluded the proceedings of these meetings. In his closing speech, the President of the AfDB Group, Donald Kaberuka, endorsed this proposal, stating that the time had come for Africa to 'mobilise internal financial resources to stem this bottleneck that is the lack of infrastructure', noting that the establishment of this Fund 'could transform the infrastructure financing landscape' and remedy the weaknesses that…
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