African Development Bank Raises Funding as China Boosts Role
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The African Development Bank is stepping up plans to finance power and rail projects as China boosts lending on the continent by half.
The Tunis-based lender is set to endorse this week the Africa50 Fund, which is targeting $10 billion of equity from an initial capital of $3 billion, to finance infrastructure projects. Central bank governors and finance ministers across the continent will meet from today at the bank’s annual conference in Rwanda’s capital, Kigali, to back the plan.