[miningmx.com] – THE African Development Bank (AfDB) is set to endorse a fund – Africa50 Fund – which is aiming to raise $10bn of equity from an initial capital of $3bn for infrastructure and power projects throughout the continent, said Bloomberg News.
The AfDB is investing significantly in African infrastructure,’ Joe Cosma, head of government and infrastructure at Ernst & Young in Johannesburg told the newswire service. “They are investing a lot of time in working out how they can work with African governments to define infrastructure requirements and investment options,’ he said.
The bank’s spending is dwarfed by China which spent $13bn last year easing infrastructure bottlenecks and increasing power capacity. “In a sense, they are competing with the Chinese,’ said Cosma.
