The infrastructure investment platform Africa50 has raised $830m from 20 African countries and the African Development Bank for infrastructure development in the region.

Donald Kaberuka, President of African Development Bank and current Chairman of the Boards of Directors of Africa50, said: “The large presence of African States and their financial commitments are a testimony to a shared vision to find new ways to accelerate the provision of infrastructure.”

“Africa50 will be a step change for infrastructure financing and development in Africa,” he said.

These founding African countries are Benin, Cameroon, Congo, Djibouti, Egypt, Gabon, Ghana, Ivory Coast, Madagascar, Malawi, Mali, Mauritania, Morocco, Nigeria, Niger, Senegal, Sierra Leone, Sudan, The Gambia and Togo.

While this first closing was available only to African countries, it is anticipated that the second and subsequent closings will also be available to non-sovereign investors both in Africa and outside Africa.

The second closing is expected before the end of 2015.

AfDB said that the strong expression of commitment by the African countries is a necessary first step towards attracting institutional investors, including sovereign wealth funds, pension funds, insurance companies and other sources of long-term finance around the world.

Africa50’s medium term capitalization is projected to reach $3bn.

Africa50 is an Investment Bank for Infrastructure in Africa that focuses on high-impact national and regional projects in the energy, transport, ICT and water sectors.

The vehicle will invest in African infrastructure projects at scale along the entire project finance value chain.

Africa50 has two main operating windows: Project Financing and Project Development, both incorporated in Casablanca, Morocco.

Africa50 expects to start developing and financing projects before the end of 2015.