Three Gulf sovereign funds have signed a deal to promote investment in Africa during the first meeting of the Africa Sovereign Investors Forum (ASIF), held on June 21st in Rabat.
Three Gulf sovereign funds have signed a deal to promote investment in Africa during the first meeting of the Africa Sovereign Investors Forum (ASIF), held on June 21st in Rabat. The agreement is a welcome development for Africa, when most of the countries are grappling with economic disruptions due to the impact of the Pandemic, the Russian War on Ukraine and climate change,
The deal was signed by the Abu Dhabi Investment Authority and holding firm ADQ and the Kuwait Investment Authority. ASIF, a platform that brings together sovereign funds of Angola, Djibouti, Egypt, Ethiopia, Gabon, Ghana, Morocco, Nigeria and Rwanda will support their African counterparts.
The objective of the ASIF was to mobilise capital and equity, promote Green projects and invest in logistics to improve interconnectivity within the continent. It will enable the Gulf Sovereign Funds to explore new opportunities in Africa as well as potential partners in Africa for ADQ and its portfolio companies.
Morocco’s Ithmar Capital, Nigeria Sovereign Investment Authority, Ghana Infrastructure Investment Fund, Gabon’s Fonds Gabonais d’Investissements Stratégiques (FGIS), Rwanda’s Agaciro Development Fund, Angola’s Fundo Soberano, the Sovereign Fund of Egypt, Senegal’s FONSIS and Djibouti’s Sovereign Fund were the African Sovereign Funds who signed the deal.
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