The African Development Bank (ADB) decided to establish the "Africa 50" Fund in Morocco in "Casablanca Finance City", following a depth assessment of tenders from nine African countries member of the ADB.
The initiative to create the "Africa 50 " Fund, was adopted at the Annual Meetings held in Marrakech in May 2013, to provide the African continent with an innovative financing mechanism for increasing resource mobilization on a large scale and attract private financing to bring the deficit in infrastructure in Africa under control.
This Fund shall be provided with an initial capital of $ 3 billion, which will be subsequently increased to $ 10 billion. It aims to attract funding from various sources, including States, international and regional financial institutions, pension funds, sovereign wealth funds and the private sector to accelerate the implementation of infrastructure projects in Africa.
The offer presented by Morocco to host this Fund in “Casablanca Finance City" was agreed and considered the most relevant and will ensure the "Africa 50" Fund the most optimal conditions for the establishment and operation of Africa infrastructure financing service.
Morocco’s offer highlighted the political, economic and social stability of the country, the progress made by Morocco in terms of institutional and structural reforms undertaken by His Majesty the King and the commitment of His Majesty the king for the development in Africa and the establishment of mutually beneficial partnerships and economic, human and social development projects,
Morocco’s domiciliation of "Africa 50" Fund also confirms the attractiveness and success of the Casablanca Finance City as a regional and international financial center to play a key role in financial integration and economic and social development of the continent