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Former KenGen CEO Mugo picked to Africa fund board

KenGen Albert Mugo
Former chief executive of KenGen Albert Mugo. FILE PHOTO | NMG 

Pan-African infrastructure investor Africa50 has appointed former chief executive of Kenya Electricity Generating Company (KenGen) Albert Mugo as an independent director.

The Morocco-based fund is an agency of the Africa Development Bank (AfDB) and focuses on medium to large-scale infrastructure projects with significant impact and good returns on investment.

The appointment was part of the changes that saw Africa50 shareholders approve expansion of the agency’s board to include at least five new independent directors.

The other four new board members hail from France, Lebanon, Nigeria and South Africa.

The agency said they will help it implement its mandate being “recognised senior experts in infrastructure or related fields.”

“I am pleased to welcome the new members to the board. They bring with them a wealth of experience at the highest levels in infrastructure, corporate governance, public service, law, sustainability, and development finance,” said Akinwumi Adesina, president of the African Development Bank and chairman of the board of Africa50.