Luanda, Angola, 10 Aug – Angola will take a stake of 2.8% in the future African Investment Bank worth US$ 733 million and the new bank’s share capital will eventually rise to US$ 25 billion, media have reported.
The African Investment Bank is to be created within four months and will he based in Tripoli, the Libyan capital. Its main shareholder will be South Africa, providing US$ 4 billion capital for the bank, followed by Nigeria (US$ 2.7 billion), Egypt (US$ 2.1 billion) and Algeria (US$ 2 billion). Africa’s smallest economy, Sao Tome, will invest US$ 2 million in the new pan-African financial institution.
The bank is part of the African Union’s plans to speed up development and integration on the continent. It will be geared to fund infrastructure projects such as cross-border highways and telecommunications networks. (macauhub)