Africa50 mobilizes funds not only from African states and international financial institutions, but also from institutional investors such as pension and sovereign wealth funds, insurance companies and other private sector entities. It operates as a commercial financial institution, seeking to provide an attractive return to investors.
The Constitutive General Assembly of the founding shareholders took place in July 2015 in Casablanca, with around $700 million in initial capital subscriptions from 20 African states and the African Development Bank. 90% of the financial pledges were earmarked for project financing and the remainder for project development. At the first Shareholders Meeting in July 2016 two more African states and two central banks joined Africa50, and at the second Shareholders Meeting in September 2017 two more states joined, bringing the total to 25 and committed capital to over $800 million. More sovereign shareholders are expected to join in the near term and fundraising from institutional investors is being launched. Capital should reach $1 billion by early 2018 and the medium-term target is $3 billion.