UPDATE: Africa50 fund reaches $222.5m first close.

Africa50 has achieved its first close for the Infrastructure Acceleration Fund (Africa50-IAF), securing $222.5 million in commitments. The fund has received investments from 16 African investors and one international investor, including the African Development Bank and the International Finance Corporation. The fund, established in 2021, aims to invest in infrastructure assets across Africa, including power and energy, transportation and logistics, water and sanitation, and digital and social infrastructure. The target close for the fund is $500 million, and it is seen as playing a vital role in addressing Africa's infrastructure deficit and promoting inclusive and sustainable development. [Extracted from the article]