CAIRO - 10 August 2023: The Egyptian Cabinet approved, Thursday, two presidential decree projects regarding the establishment of Africa50 Project Development Company and Africa50 Project Financing Company, with Egypt joining both agreements.
The Africa50 Fund aims to invest in infrastructure, focusing on sectors such as energy, transportation, information and communication technology, and water. The goal is to alleviate the funding gap experienced by these sectors in the African continent.
The fund aims to reduce the time gap between project concept, funding collection, and resource mobilization, thereby contributing to the execution of a greater number of short and medium-term infrastructure projects.
The fund takes the form of two institutions: Africa50 Project Development Company and Africa50 Project Financing Company. The former aims to invest capital in the early stages of the project development cycle until financial closure, while the latter aims to develop infrastructure in African countries by mobilizing necessary financing from various sources.