The Finance City of Casablanca was chosen by the African Development Bank (ADB) to host the Africa Fund 50 investment in infrastructure in Africa.
Nine members of the ADB have deliberated and nominated Morocco to host the event. Announced at the annual meeting of the ADB held in Marrakech in May 2013, the creation of the Africa Fund 50 satiates the necessity to adopt innovative solutions to facilitate and accelerate the development of infrastructure on the continent.
The fund will have initial capital of $ 3 billion, to be worn next to $ 10 billion, which objective is to exert a pull on local and global capital worth $100 billion. Africa Fund 50 will basically mobilize private financing and accelerate the creation of infrastructure in Africa, promoting projects with a strong national and regional influence in the areas of energy, transportation, information technology and communication (ICT) and water.
The proposal presented by Morocco to host the Africa Fund 50 highlighted the political, economic and social stability enjoyed by the country, but also its commitment to the development of the African continent in recent years. Although focusing and moving towards development, Africa Fund 50 is a business unit that will bring together three groups of investors comprising of African countries, ADB and other financial development players, and also the institutional investors such as sovereign wealth funds and funds from pension.
Casablanca Finance City’s success to host this Investment Fund has also strengthen the position of the financial sector as a regional and continental hub, which is imperative in the financial integration and economic development in Africa.