Z Capital Group and the Nigeria Sovereign Investment Authority agreed to establish a fund for infrastructure investments in Africa.

“Given Africa’s rapidly expanding population and its increasing cultural and political influence on a global scale, we see many appealing infrastructure investment opportunities across the continent,” James Zenni, founder and chief executive officer of New York-based ZCG, said in an emailed statement.

ZCG and NSIA said they plan to make investments in equity, debt and other blended financial instruments across sectors including health care, digital and social infrastructure, renewable energy and climate-smart agriculture. Zenni said the venture is aiming to raise $1 billion to $2 billion.

Source: Yahoo! Finance