Africa50 AGM

On 21 July 2016, Africa50 held its first AGM following its historic Constitutive General Assembly, which took place in July, where twenty African countries and the AfDB subscribed to a total of US$830 million in its initial share capital. The AGM saw the participation of African governments and central banks with delegates discussing the progress to date and future prospects of the Fund, as well as approving the audited financial statements over the first five months of operation.

Speaking at the AGM, the Chairman of Africa50, Akinwumi A. Adesina thanked delegates for their continued support to date and also welcomed additional founding shareholders who came on board subsequent to the Constitutive General Assembly. Adesina presented to shareholders the many milestones reached by Africa50 in its first five months of operations together with the outlook for 2016, including a target to reach the 1 billion dollar mark within the next 6 to 9 months, and committing its first investments within a short timeframe.

Further to today’s new subscriptions to the shares of Africa50 by two countries and two institutional investors, Africa50 now has a total of twenty five shareholders consisting of twenty two African countries, the African Development Bank, and two African Central Banks (Bank Al Maghrib of Morocco, and the Central Bank of West Africa States - BCEAO). It is worth noting that the number of shareholders is expected to grow further on the back of ongoing discussion with other prospective state participants and planned discussions with institutional investors. The AGM adopted a number of resolutions among which the approval of the annual report and audited financial statements.

The AGM also welcomed the incoming Chief Executive Officer, Alain Ebobisse who takes up the role effective from the 8 August 2016. Ebobisse was previously Chief Investment Officer in the International Finance Corporation (IFC)’s Global Infrastructure and Natural Services Department and Global Head of the World Bank Group’s Global Infrastructure Project Development Fund also known as IFC InfraVentures. The Chairman paid tribute to the outgoing Acting CEO Alassane Ba who held the reins of Africa50 during its establishment and capital raising phases of the Fund.

Adapted from press release by Rebecca Bowden

Read the article online at: https://www.worldcement.com/africa-middle-east/25072016/africa50-agm-598/