Africa Finance Corporation (AFC), a leading infrastructure solutions provider in Africa, has announced that the African Development Bank Group, Africa’s highest investment-grade rated (AAA with stable outlook) multinational finance institution, has invested $50 million in the equity of AFC.
According to a statement from Apo Group, made available to OpenLife, the Bank Group’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 the African Development Bank Group as a shareholder and development finance institution member of AFC, complements the Corporation’s strategy of addressing Africa’s infrastructure deficit. It also marks a further step in the Bank’s undertaking 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 its shareholder base and follows recent equity investments in the Corporation by African Re-Insurance Corporation and the Republic of Ghana. The African Development Bank Group will have representation on the AFC Board of Directors as part of the equity investment.
Samaila Zubairu, President and Chief Executive Officer of AFC, commented on the completion of the equity investment by the Bank: “AFC welcomes the African Development Bank Group 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 the Bank’s objective to integrate, energize and industrialise Africa.”
Dr. Akinwumi Adesina, President, African Development Bank Group remarked: “We share AFC’s vision of developing Africa-led responses to the continent’s socio-economic development. To date, we have worked jointly to deliver transformational projects with tangible impact over the years.
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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