According to Suleiman Zakari, co-founder of the Africans for Africa Initiative,

“The AfA Fund aims to address the projected $2.1 trillion funding shortfall in the mining industry by 2050.”

Zakari emphasised the need for innovative financing models, citing the requirement for 61 new copper mines and 52 new lithium mines to meet energy transformation needs by 2050.

He said the AfA Fund has made a strong start in mobilising institutional capital, with advanced negotiations with 10 institutional partners.

The initiative expects to close an initial $50 million from institutional partners within the first 90 days of the fund’s launch, deploying this capital into early-stage, high-potential mining projects with strong local ownership.