Africa50, a Morocco-based infrastructure investment fund, aims to more than double the value of the projects it backs to at ​least $20 billion over the next five years, Reuters reported.

Established by African leaders in 2015, the fund has co-invested in 36 projects across power, transport, logistics and other sectors, with a combined value of about $9 billion.

"We ​are really looking to see how at least over the next ​several years, we can look to double or triple that ⁠number from a value perspective," Reuters quoted the COO of the Casablanca-based ​fund, Tshepidi Moremong, as saying.

According to Moremong, Africa50 has invested ​about $500 million of equity in those projects and plans to focus on sectors with significant funding gaps, including power generation and transmission.

"$20 billion and above is what we would ​like to see," Moremong said, referring to the total value of projects ​co-invested by the fund over the next five years.

In December, Africa50 signed an agreement with India's ‌PowerGrid ⁠and the Kenyan government to develop $311 million of high voltage electricity lines under a public-private partnership.

The fund has also invested in power generation projects in Nigeria, Cameroon and Madagascar, an ICT project in Rwanda, and regional ​healthcare businesses.