African governments contribute $1B to African Development Bank to fund infrastructure projects

Donald Kaberuka, outgoing President of the African Development Bank (AfDB). Credit:

The African Development Bank raised almost $1 billion in contributions from regional governments for a fund to develop roads, ports and energy projects, said Donald Kaberuka, the institution’s outgoing president.

The bank now plans to seek money from private African organizations, including pension funds and insurance companies, and later investors outside the continent, Kaberuka said in an interview on Thursday in the Kenyan capital, Nairobi. The lender has also asked African central banks with “excess reserves,” and some have import-cover of as many as 10 years, to invest part of that money in the fund, he said.

Read more: African Development Bank Gets $1 Billion for Infrastructure – Bloomberg Business