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Thursday, November 14, 2019
/09:55 AM / By Africa Finance Corporation / Header Image
Credit: Africa News
Africa Finance Corporation ("AFC", or "the
Corporation"), a leading infrastructure solutions provider in Africa,
today announces that the African Development Bank Group ("AfDB"),
Africa's highest investment-grade rated (AAA) supranational finance institution,
has invested US$50 million in the equity of AFC.
AfDB's investment in AFC will enable both institutions to accelerate
infrastructure development and delivery on the continent by deepening
co-financing opportunities, joint implementation, knowledge transfer and
capacity development for the benefit of Africa. The addition of AfDB as a
shareholder and DFI member of AFC complements AFC's strategy of addressing
Africa's infrastructure deficit with AfDB's stated mission to help reduce
poverty, improve living conditions for Africans and mobilize resources for the
continent's economic and social development.
The equity investment in AFC further broadens AFC's shareholder base,
and follows recent equity investments in AFC from African Re-Insurance Corporation
and the Republic of Ghana. As part of the equity investment, AfDB will have
representation on the AFC Board of Directors.
Samaila Zubairu, President & CEO of AFC, commented on the completion
of the equity investment by AfDB: "AFC welcomes AfDB as a shareholder and
strategic partner, with whom we would continue our collaboration journey to
address Africa's Infrastructure deficit and challenging business environment.
AFC's mandate is a strategic fit for AfDB's objective to integrate, energize
and industrialise Afria."
Dr. Akinwumi Adesina, President of AfDB also commented on the
announcement: "AfDB shares AFC's vision of developing Africa-led responses
to the Continent's socio-economic development. To date, we have already worked
jointly to deliver transformational projects with tangible impact over the
years.
"In becoming a shareholder, this development is therefore a natural
evolution in our partnership, which in turn will result in delivering solutions
to Africa's infrastructure challenges at a faster pace. These solutions will
adopt the highest standards, generate value to stakeholders, and foster
sustainable development and economic growth across the African continent.
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