CBN spokesman Festus Odoko told journalists in the northern city of Kaduna Tuesday that when established, the corporation would finance development of infrastructure like roads and electricity projects as well as exports.

He said the proposed corporation was being established to help African countries to improve their productive base and accelerate the pace of economic development in the continent.

Odoko said the corporation would start as a public-private sector initiative with an initial capital base of US$2 billion.

According to the spokesman, the CBN had already set aside US$500 million as part of its contribution and is expecting funds from other sources to make up the US$2 billion initial capital requirement.

He said, however, that the bank would sell off its US$500 million contribution immediately the corporation took off to make the corporation a wholly private sector entity.

Source: AngolaPress