African Development Bank Group Becomes A Shareholder In Africa Finance Corporation

Proshare

Thursday, November 14, 2019   /09:55 AM  / By Africa Finance Corporation / Header Image Credit: Africa News


  • Shareholding follows investment of US$50 million in AFC's equity by AfDB
  • AfDB becomes the second investment-grade Supranational Finance Institution to join the membership of and invest in AFC.

 

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.


 

Proshare Nigeria Pvt. Ltd.


Related News

2.       AfDB Sustainable Energy Fund for Africa Approves $500,000 Grant for Clean Energy

3.       AfDB To Present Africa 2019 Report On September 12th, 2019

4.       AfDB $13 Billion Investment In Southern Africa Is delivering Strong Results - Adesina

5.       The Sluggish Economic Growth In Global Terms For Now, What Does It Portend For The Nigeria Economy?

6.       AfDB, AFREXIM Hold Roadshow In Preparations for 2nd Africa Investment Forum

7.       Samaila Zubairu Appointed 3rd President and CEO of Africa Finance Corporation

8.      Africa Finance Corporation Carries Out $150mSukuk Transaction On Nasdaq Dubai

9.  Africa Finance Corporation receives US$50m from the Islamic Development Bank for project financing

10.   AFDB On Roadshow In Seoul And Tokyo To Woo Asian Investors Ahead Of 2019 Africa Investment Forum

11.     Ekiti State Governor Visits AfDB, Makes Case For Increased Investment In His Region

12.    AfDB President Begins An Official Visit To The DR Congo From June 17 To 20, 2019

13.    AfDB Showcases Impact of Korean Drone Technology on Agricultural Productivity

14.    Afreximbank Wins African Bank of the Year Award

15.    To Reduce Inequality, Employ Young People

16.    2019 AfDB AGM: Opening Speech By The President, Dr. Akinwumi A. Adesina

17.    AfDB, AU-NEPAD, Co-Launch African Agri-Business Engine For Agro Finance With FAPA Grant



Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP