A €500m fund to finance infrastructure in Africa created
It is being set up by Caisse des Dépôts and AFD.A new €500 million fund to finance infrastructure in Africa will soon be operational, according to a report from AFP.
It will be set up by the Caisse des Depots et Consignations (CDC), a French public financial institution serving the general interest and economic development, and the French Development Agency (AFD).
"We will create common financial instruments. We will start with a fund to invest in infrastructure in Africa, of at least 500 million euros, which will be operational next year," said AFD Director Rémy Rioux.
The announcement comes after Morocco's Central People's Bank (BCP) last week signed a memorandum of understanding with Africa Finance Corporation (AFC) for infrastructure development.
In particular, it aims to increase collaboration for the financing of vital infrastructure projects in North and Sub-Saharan Africa.