$1billion infrastucture fund will back wind power

AFRICA: A new equity fund has been launched to raise up to $1 billion (EUR0.736 billion) to promote the development of basic infrastructure in sub-Saharan Africa, including wind power.

By taking "significant stakes" in such capital-intensive projects, the African Infrastructure Investment Fund 2 "will address a key constraint for developers of infrastructure projects in African countries -- namely the availability of equity capital," said Bernard Sheahan, director of Infrastructure at the World Bank's International Finance Corporation (IFC).

The IFC has agreed to invest up to US$100 million (EUR73.6 million) in the fund. The fund was established by African Infrastructure Investment Managers, a joint venture between the Australia-based Macquarie Group and the Old Mutual Investment Group of South Africa.