A new fund for African development was inaugurated in New York on Friday by leading Nigerian entrepreneur and Deputy CEO at Atlantic Energy, Kola Aluko, who was joined by Oscar winning actor, Jamie Foxx, and Ghana-born British fashion designer, Ozwald Boateng.
The Made in Africa Foundation (MIAF) which was co-founded by Aluko and Boateng, marked the inauguration of its historical partnership with the African Development Bank (AfDB) at the NASDAQ in New York Friday morning.
It is an alliance which will co-manage and market initiatives to attract new investment for Africa50 - Africa's largest infrastructure development vehicle created to date.
Together with a group which also included Tas Anvaripour, Head of Infrastructure Finance for the ADB; Quintin Primo III, Chairman of the fund's financial partners; Capri Capital and MIAF CEO Chris Cleverly, Aluko spoke on behalf of the group as a primary investor in the fund.
"I am proud to be surrounded today by the people who have shared a determination to create a programme that offers a sustainable future for Africa.
"The ringing of the Nasdaq Bell symbolises that the moment has finally arrived as we launch the Africa 50 Fund supported by the Made in Africa Foundation.
"Our original vision for Made in Africa was to create something that could bring real change for the continent through sustainable, infrastructural developments with a truly African agenda. I believe this monumental relationship we have struck with the African Development Bank has created the means for such a vision."
The support we have received for this project is marked by everyone here today. The expertise involved across this project, in both the development and financial arms will help Africa to finally reach its full potential in the global market," Aluko said at the occasion.
The partnership, according to a statement, will form the project development arm of Africa50 as the two institutions will be supported by the investment expertise of Capri Global Captial - a US-based investment advisory founded by African-American fund manager Quintin E. Primo III.
The alliance between MIAF and AfDB, the statement added, aims at raising $500 million for Africa50's project development arm by the first half of 2014.