The Egyptian Cabinet has given on Thursday the green light to two presidential decree initiatives concerning the establishment of Africa50 Project Development Company and Africa50 Project Financing Company, with Egypt becoming a part of both accords.

 

The Africa50 Fund is geared towards investing in infrastructure, concentrating on areas like energy, transport, information technology, and water. The primary objective is to address the financial gap encountered by these sectors across the African continent.

 

The fund seeks to narrow the time interval between project inception, fundraising, and resource pooling, thereby contributing to the implementation of a larger number of short and medium-term infrastructure projects.

 

The fund operates through two entities: Africa50 Project Development Company and Africa50 Project Financing Company. The former intends to infuse capital during the early stages of project development up to financial closure, while the latter aims to enhance infrastructure in African nations by harnessing essential financing from diverse sources.