Monday, 24 February 2014

AfDB supports Africa’s development

The booming continent, Africa has experienced a rising graph in terms of developments in different sectors that have taken place in the recent years. To further augment and boost these developments, the Board of Directors of the African Development Bank (AfDB) have given their consent and approved equity of up to USD 25 million in the Pan African Infrastructure Development Fund 2 (PAIDF 2). PAIDF2 is a Private Equity Fund that will majorly invest in projects related to power, transport, water and sanitation, information and communication technologies (ICT) and healthcare infrastructure sectors throughout the continent. Not to mention, in 2007 the bank approved an investment of USD50 million in the Pan-African Development Fund (PAIDF 1) having its prime focus only on the infrastructure projects. Harith General Partners (Harith) of South Africa was recognized as the fund manager of PAIDF 1. The investments made by PAIDF 1 awarded Africa with positive results like enhanced access to electricity, modern transport infrastructure, improved access to ICT services and created over 3,000 jobs across the continent.
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