Oil Tycoon Kola Aluko & Ghanaian-British Designer Ozwald Boateng Launch $500 Million African Development Fund – Africa50

Posted on Monday, September 30th, 2013 at 1:05 PM

By Jennifer Obiuwevbi

Ozwald Boateng & Kola Aluko Launch Africa50 - BellaNaija - September 2013On Wednesday 25th September 2013, Ghanaian born British fashion designer Ozwald Boateng & Nigerian Oil tycoon Kola Aluko launched the African50 initiative.

This platform is an African infrastructure project development fund which was formed as a result of the joint venture between the African Development Bank (AfDB) and the Made In Africa Foundation (MIAF; a non-profit organisation founded by Ozwald Boateng & Kola Aluko). The initiative is set out to provide a catalyst for African development and growth by focusing on commercially viable infrastructure projects in Africa.

Infrastructure drives growth. If we focus on the big infrastructure projects- power, good roads, railways – then we will be creating an enabling environment for entrepreneurs in other areas of endeavor which are non-infrastructure,” Aluko said in the online broadcast.

Re-emphasizing the need for such an investment, Ozwald reiterated that Africa could not properly compete without the infrastructure that would drive trade. “Clearly as Africans to compete we need the roads and rail, telecommunications and urban environments that stimulate and ensure trade,” Boateng said in a statement.

So far, the cause has raised about $250 million; Aluko and the AfDB have contributed $50 million each to the fund. In conjunction with the AfDb, MIAF is determined to attract investments from development finance institutions, pension funds, sovereign wealth funds and governments towards reaching the funds goal of $500 million by the first half of 2014. The money will be used to fund feasibility studies of large-scale infrastructure projects. Made In Africa is also planning to raise a $10 billion project finance fund.

Oscar winning actor Jamie Fox, who is a fanatic of Ozwald’s designs was present at the launch. The official launch took place at the NASDAQ in New York.

For more information visit Forbes.com.

Photo Credit: Forbes.com

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  • 13 Comments on “Oil Tycoon Kola Aluko & Ghanaian-British Designer Ozwald Boateng Launch $500 Million African Development Fund – Africa50”

    Comments
    • Stace September 30, 2013 at 1:15 PM

      Yes a very good initiative…

    • Tillerman September 30, 2013 at 1:26 PM

      Fantastic

    • nikita September 30, 2013 at 1:38 PM

      nice initiative…

      • Sonaya October 2, 2013 at 1:43 AM

        Yes but how did Aluko really make his money? Oil tycoon no
        doubt, but which type of oil money? That is the question.

    • TheAgnostic1 September 30, 2013 at 5:07 PM

      These are the kind of deals I want to sink my teeth into.

    • Dee-USA September 30, 2013 at 11:23 PM

      His name is Jamie Foxx!

    • Grayce September 30, 2013 at 11:38 PM

      LOOOL!

    • Nawa4nkem October 1, 2013 at 7:43 AM

      See as Oswald jus cover the place as if he wz the tycoon. Charlie Biko dress back jor

    • joy uche October 1, 2013 at 3:30 PM

      Aluko should be very careful o,how much did Oswald contribute? these Ghanaians are very trickish,they will never contribute a dime but will want to take all the glory and make all the decisions. Backstabers.

      • Akushika October 2, 2013 at 3:20 AM

        Ozwald boateng fashion dynasty is worth billions of
        dollars, do u really think he is not gonna contribute. two
        prominent sons of africa decides to come together and do something
        profitable for the continent. instead of commending them for their
        efforts, u took the opportunity to denigrate the other while
        lifting the one from ur country up. get a freaking life
        ok.

        • joy uche October 2, 2013 at 2:29 PM

          if wetin u read vex you proper u fit go hug the nearest
          transformer,thats where ur freaking life belongs. shikina

      • Omo Ghana October 2, 2013 at 8:12 AM

        Yes….we are very trickish!!! LOL! Watch out now!!!!!!
        I’m actually taking that as a compliment, Joy!

    • THE TRUTH October 1, 2013 at 3:45 PM

      $500 Million ….all for ”feasibility studies of large-scale infrastructure projects” who does these feasibility… washing would never end.