Africa50, a specialized international financial institution established by the African Development Bank and, so far, by 22 African countries with an initial capitalization of $830m, has appointed Alain Ebobissé as its Chief Executive Officer.

Ebobissé, a citizen of Cameroon, currently serves as the Global Head for the World Bank Group’s Global Infrastructure Project Development Fund (IFC InfraVentures) where he oversees a team of highly skilled and experienced infrastructure specialists and leads the development of and investment in several infrastructure projects in Africa, Asia, Europe and Latin America.

Ebobissé has led the design, structuring and implementation of IFC InfraVentures from its inception.

Ebobissé also serves as Chief Investment Officer in the Global Infrastructure and Natural Resources Department of the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, based in Washington, DC. US.

“I am excited about the opportunity to lead Africa50 and serve Africa and to work with Government partners and private investors to develop and fund a large number of bankable infrastructure projects in the continent on the basis of strong commercial discipline and sound investment principles,” said Ebobissé.

“I look forward to working with the Board of Directors and to building a highly skilled and experienced team of infrastructure investment professionals that will enable us to help transform the African infrastructure landscape,” he added.

Prior to joining IFC in 1999, Ebobissé held several positions in the financial services industry in France, including as Deputy Head of Project and Structured Finance at Caisse des Depots et Consignations, based in Paris.

“Mr. Ebobissé is well recognized global leader in the area of infrastructure finance and development. He has an impressive track record of global leadership in successful development of private, and public-private infrastructure development, structuring, financing and equity investment in emerging markets,” said Akinwumi Adesina, President of the African Development Bank and Chairman of the Board of Directors of Africa50.

"I am delighted to welcome Mr. Ebobissé to Africa50. His extensive experience and recognized global leadership in infrastructure development will be critical as we build Africa50 into an effective and successful infrastructure investment house widely recognized as a leader in infrastructure project development and investment in Africa, with an excellent reputation and credibility within the continent and beyond,” he added.

The countries who have so far committed funds to Africa50 are: Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Djibouti, Egypt, Gabon, Ghana, Kenya, Madagascar, Malawi, Mali, Mauritania, Morocco, Nigeria, Niger, Senegal, Sierra Leone, Sudan, The Gambia and Togo.

While the first closing was available only to African countries, it is anticipated that the second and subsequent closings will be available not only to African countries that are yet to invest in Africa50, but also non-sovereign investors both in Africa and outside Africa with a target to raise $3bn over the medium term to invest in commercially viable infrastructure projects across Africa.