Africa fund has $250m at launch

A vehicle backed by the African Development Bank is aiming for $500m ultimately.

A fund created to invest in infrastructure in Africa was rolled out late last week with $250 million of capital, not to mention movie star clout in the person of award winning actor Jamie Foxx.

The Africa50 Fund is jointly backed by the African Development Bank (AfDB) and the Made in Africa Foundation (MIAF), a not-for-profit organisation based in the UK.

The fund is aiming to raise $500 million, according to the bank. Africa50 will participate in project development and financing. Tas Anvaripou, manager of the infrastructure finance division at AfDB, will head the fund.

Foxx, who won the Academy Award for Best Actor for the 2004 motion picture ‘Ray’, rang the opening bell on the NASDAQ Stock Market to formally kick off the launch of Africa50.

AfDB and MIAF each committed $50 million to the fund. The AfDB has invested $5.4 billion in infrastructure.

Made in Africa was founded in 2011 by London's Savile Row fashion designer Ozwald Boateng and Kola Aluko, a billionaire businessman from Nigeria.