Africa50, a continental initiative to accelerate infrastructure projects in Africa, is targeted to reach $1 billion in funding within the next six to nine months.

Africa50 is an investment bank for infrastructure in Africa that focuses on high-impact national and regional projects in the energy, transport, ICT and water sectors.

The finance delivery vehicle was established in response to a call in 2012 from, African heads of states in their Declaration on the Program for Infrastructure Development in Africa (PIDA) for innovative solutions to facilitate and accelerate infrastructure delivery in Africa.

Speaking at the very first Africa50 AGM last week, Chairperson Akinwumi 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.

The historic Constitutive General Assembly took place in July 2015 and saw 20 African countries and the African Development Bank (AfDB) subscribe a total of $ 830 million in its initial share capital.

The recent AGM saw the participation of African governments and central banks with delegates discussing the progress to date and future prospects of the Fund.

Adesina presented to shareholders the many milestones reached by Africa50 in its first five months of operations, together with the outlook for 2016 which includes a target to reach the $1 billion mark within the next six to nine months, and committing its first investments within a short timeframe.

Africa50 now has a total of 25 shareholders consisting of 22 African countries, the AfDB, and two African Central Banks. 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.