Africa50 has held its first Annual General Meeting (AGM) on Tuesday following its historic Constitutive General Assembly, which took place on July 2015. 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. The chairman 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 new subscriptions, which bring the total of commitments to 830 million dollars, Africa50 now has a total of twenty-five (25) shareholders consisting twenty-two (22) 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 should be noted that the number of shareholders is expected to grow further, on the back of ongoing discussions with other prospective state participants and planned discussions with institutional investors.
The AGM also welcomed the incoming CEO, Alain Ebobisse who takes up the role effective from the August 8th 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.
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