AfDB becomes shareholder in Africa Finance Corporation

&NewLine;<p class&equals;"wp-block-paragraph">Africa Finance Corporation &lpar;AFC&rpar;&comma; a leading infrastructure solutions provider in Africa&comma; has  announced that the African Development Bank Group&comma; Africa’s highest investment-grade rated &lpar;AAA with stable outlook&rpar; multinational finance institution&comma; has invested &dollar;50 million in the equity of AFC&period;<br> According to a statement from Apo Group&comma; made available to OpenLife&comma; 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&comma; joint implementation&comma; knowledge transfer and capacity development for the benefit of Africa&period;<br> The addition of the African Development Bank Group as a shareholder and development finance institution member of AFC&comma; complements the Corporation’s strategy of addressing Africa’s infrastructure deficit&period; It also marks a further step in the Bank’s undertaking to help reduce poverty&comma; improve living conditions for Africans and mobilize resources for the continent’s economic and social development&period;<br> 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&period; The African Development Bank Group will have representation on the AFC Board of Directors as part of the equity investment&period;<br> Samaila Zubairu&comma; President and Chief Executive Officer of AFC&comma; commented on the completion of the equity investment by the Bank&colon; &OpenCurlyDoubleQuote;AFC welcomes the African Development Bank Group as a shareholder and strategic partner&comma; with whom we would continue our collaboration journey to address Africa’s Infrastructure deficit and challenging business environment&period; AFC’s mandate is a strategic fit for the Bank’s objective to integrate&comma; energize and industrialise Africa&period;”<br> Dr&period; Akinwumi  Adesina&comma; President&comma; African Development Bank Group remarked&colon; &&num;8220&semi;We share AFC’s vision of developing Africa-led responses to the continent’s socio-economic development&period; To date&comma; we have worked jointly to deliver transformational projects with tangible impact over the years&period;<br> This development is therefore a natural evolution in our partnership&comma; which in turn&comma; will result in delivering solutions to Africa&&num;8217&semi;s infrastructure challenges at a faster pace&period; These solutions will adopt the highest standards&comma; generate value to stakeholders&comma; and foster sustainable development and economic growth across the African continent&period;” <&sol;p>&NewLine;