AfDB President in Kenya for Africa50 Shareholder Meeting

Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), will be in Nairobi, Kenya on July 19, 2018.

He is expected to attend the third General Shareholders Meeting for Pan-African infrastructure fund, Africa50. The event will also draw the attendance of President Uhuru Kenyatta.

The move to host the meeting in Nairobi builds on Kenya’s profile as one of the countries with the most impressive infrastructure development track records in the region.

President Kenyatta, who will deliver a keynote speech at the opening ceremony of the meeting, was feted earlier this May by the AfDB for his personal leadership in the transformation of the road network in Kenya.

Africa50 is an infrastructure fund with 25 African shareholder governments, including Kenya. The AfDB and two central banks across the continent are also shareholders. Dr. Adesina is expected to give a keynote address at the meeting on the critical role that Africa50 is playing to bridge the continent’s infrastructure funding gap, estimated at US$68-108 billion annually.

With more than $800 million in committed capital, Africa50 is committed to accelerating the provision of infrastructure in Africa. It already has investments in solar plants in Egypt and Nigeria and a solar plant in Senegal.

Africa50 CEO, Alain Ebobisse, will also be present at the meeting and will provide operational and strategic updates on fundraising and capital increase activities, including an overview of the fund’s growing investment pipeline and announce new shareholder countries.

“This is a landmark event. More than ever, Africa50 is in a position to deliver its mandate. In just two years of operation, Africa50 has brought together key players from Africa’s public and private sectors and the broader pan-African and international development finance community. The General Shareholders Meeting will be an occasion to provide an account of progress made in our strategic agenda and further consolidate our shared vision and commitment to accelerating infrastructure development in Africa,” said Mr. Ebobisse.

Mr. Ebobisse and President Kenyatta held talks in March this year where they discussed how Africa50 can act as an enabler to the Big Four Agenda. Africa50 is also keen on participating in the improvement of Kenyan airports, especially JKIA.