Jamie Foxx Stops by Nasdaq to Promote New Africa50 Fund – A Joint Venture Between ADB & The Made In Africa Foundation

Posted September 26, 2013 by Ugandan Diaspora News Team in Africa ~ 4,034 views


Movie Star Jamie Foxx and London designer Ozwald Boateng at the Nasdaq

Movie Star Jamie Foxx and London designer Ozwald Boateng at the Nasdaq

Jamie Foxx rang the opening bell at Nasdaq Stock MarketNDAQ +1.62% to celebrate the launch of a new $500 million project development fund backed by the African Development Bank.

The fund, called Africa50, is a joint venture between the African Development Bank and the Made In Africa Foundation, an organization established by London designer Ozwald Boateng and Nigerian energy entrepreneur Kola Aluko.

Mr. Boateng hopes that the additional star power will help to change the conversation about Africa, and promote developing African infrastructure by primarily using African capital and African entrepreneurs.

“Africa has been badly marketed [and] the opportunity of Africa has been badly marketed,” Mr. Boateng said.

While celebrity wattage may bring attention, what the Africa50 project needs is capital – and lots of it. The new infrastructure investment vehicle has roughly $250 million in capital commitments from investors including $50 million each from the African Development Bank and Mr. Aluko.

Africa50 is also seeking to raise a much larger project finance fund. That has an initial goal of $3 billion but is targeting $10 billion, according to Neside Tas Anvaripour head of infrastructure finance and public private partnerships African Development Bank.

The fund is hoping to tap development finance institutions like the International Finance Corp., along with sovereign wealth funds, pension funds and governments across the African continent.

With cash in hand and an institutionalized investment vehicle, the Made In Africa Foundation and its partners at the African Development Bank are hoping to join other private equity firms that have been active investors on the African continent.

Recent plays in the continent include Blackstone Group’s backing of a dam project in Uganda and the Carlyle Group’s investment alongside Standard Chartered Private Equity and the Pembani Remgro Infrastructure Fund in Export Trading Group, an agricultural supply chain manager.

Source — Wall Street Journal

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