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Kenyan President Uhuru Kenyatta announced on Thursday that his country will double its stake in Africa50, the African venture capital fund supported by the African Development Bank (AfDB).
"The private sector is important to fill the investment gap on the continent and the African private sector to set an example by investing in Africa so that other investors around the world can have the confidence to channel their funds to the continent. " he commented on the official opening of the 53rd meeting of shareholders of Africa50 in Nairobi.
Note that Kenya's participation was up to 50 million dollars, and will have to be increased to 100 million.
For his part, Africa50 chairman of the board, Akinwumi Adesina, said the fund offers a new framework to address Africa's development needs, adding that the continent a deficit of up to $ 108 billion in infrastructure financing.
Africa50's investor base currently consists of 25 African countries, the African Development Bank, the Central Bank of African States, West Africa (BCEAO) and Bank Al-Maghrib, with committed capital of $ 890 million.
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