The Boards of Directors of Africa50 Project Development and Project Finance said the Boards have approved the appointment of Akinwumi A. Adesina, President of the African Development Bank, as the new Chairperson of both Boards.
At the meeting held in Abidjan, members expressed great satisfaction that Adesina was so enthusiastic in his acceptance of this important role and for the continued strong support of the African Development Bank.
Adesina himself expressed great appreciation for the strong foundation laid by Donald Kaberuka, the first Chairperson of Africa50, who voluntarily stepped down as Chairperson of the Boards of Directors at the end of his term as President of the African Development Bank on August 31, 2015.
He pledged to continue to strengthen the complementary relationship between Africa50 and the African Development Bank in the delivery of much-needed infrastructure in Africa, particularly in addressing the most binding constraint, which is the development of bankable projects.
The Boards discussed the upcoming second financial close for Africa50, which is expected to increase the number of subscribed countries from the current twenty and bring the total subscribed capital to the near-term target of US$ 1 billion. The Boards also discussed the status of ratification of the Protocol accords by the member countries and the recruitment of the senior management team.