On Wednesday 25th September 2013, Ghanaian born British
fashion designer Ozwald Boateng & Nigerian Oil tycoon Kola Aluko launched
the African50 initiative, the platform is an African infrastructure project
development fund which was formed as a result of the joint venture between the
African Development Bank (AfDB) and the Made In Africa Foundation. The
initiative is set out to provide a catalyst for African development and growth
by focusing on commercially viable infrastructure projects in Africa.
“Infrastructure drives growth. If we focus on the big
infrastructure projects- power, good roads, and railways; then we will be
creating an enabling environment for entrepreneurs in other areas of endeavor
which are non-infrastructure,” Aluko said in the online broadcast.
Ozwald also stated that Africa could not properly compete
without the infrastructure that would drive trade. “Clearly as Africans to
compete we need the roads and rail, telecommunications and urban environments
that stimulate and ensure trade,” Boateng said in a statement.
So far, the cause has raised about $250 million; Aluko and
the AfDB have contributed $50 million each to the fund. In conjunction with the
AfDb, MIAF is determined to attract investments from development finance
institutions, pension funds, sovereign wealth funds and governments towards
reaching the funds goal of $500 million by the first half of 2014. The money
will be used to fund feasibility studies of large-scale infrastructure
projects. Made In Africa is also planning to raise a $10 billion project
finance fund.
Oscar winning actor Jamie Fox, who is a fanatic of Ozwald’s
designs was present at the launch. The official launch took place at the NASDAQ
in New York.
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