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AfDB to launch $1 billion infrastructure development fund

SABC News AfDB president - AfDB to launch $1 billion infrastructure development fund

The president of the African Development Bank (AfDB), Dr Akiwunmi Adesina says the continent’s poor infrastructure could hinder the success of the African Continental Free Trade Area.

Adesina says proper infrastructure will help spur manufacturing, as well free movement of goods, persons and services and boost trade between African countries.

He spoke at the opening of the 4th Africa50 General Shareholders meeting in Kigali, Rwanda.

Africa50, an infrastructure investment platform currently, has 870 million American dollar in committed capital from 28 African countries – the African Development Bank, the Central Bank of West African States and the Bank AL-Maghrib.

Zimbabwe was announced as the 28th shareholder of the platform.

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