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Morocco to ensure success of Africa50 Fund

Posted on Sep 02 2014 | IANS

Rabat, Sep 2 : Morocco will take all necessary measures to ensure the success of the Africa50 Fund, Moroccan Minister of Economy and Finance Mohamed Boussaid has said.

"In addition to being a seat country, Morocco is planning to play a leading role in securing a good start, successful establishment and operation of the Africa 50 fund", he told a mission of the African Development Bank visiting Morocco to kick-start the inception of the legal formalities of the Fund which will be headquartered at the "Casablanca Finance City".

The Fund aims at mobilising private financing to accelerate the speed of infrastructure delivery in Africa, thereby creating a new platform for Africa's growth.

Africa50 will focus on high-impact national and regional projects in the energy, transport, ICT and water sectors, MAP said.

Set up at the initiative of the African Development Bank (AfDB), the Fund's establishment principle was endorsed by African finance ministers in May 2013 in Marrakech.

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