AfDB approves investment in PE fund

The African Development Bank (AfDB) has approved an equity investment of $20 million in the Africa50 Infrastructure Acceleration Fund I.

The Africa50 Infrastructure Acceleration Fund I is a pan-African infrastructure private equity fund that is mobilising up to $500 million for investment and value creation in strategic infrastructure sectors. These include power, energy, digital and social infrastructure, transportation, logistics, and water and sanitation.

The fund is sponsored by Africa50, an infrastructure investment platform. Africa50 brings infrastructure project development and financing under one umbrella.

Commenting on the approval, Wale Shonibare, AfDB’s director for energy financial solutions, policy and regulations said the bank’s support for the Africa50 Infrastructure Acceleration Fund I aligned with its High Five objectives. “It also strengthens the bank’s already existing partnerships with the Africa50 Group on initiatives such as the African Sovereign Investors Forum and the Alliance for Green Infrastructure in Africa,” Shonibare added.

Alain Ebobissé, CEO of the Africa50 Group, said: “We are highly appreciative of the African Development Bank’s support for the Africa50 Infrastructure Acceleration Fund I. We look forward to continuing to work collaboratively with the African Development Bank and other investors to make a meaningful contribution to improving the infrastructure landscape on the continent.”