Zam­bia Be­comes AFC Mem­ber Coun­try


Zam­bia has be­come the first South­ern African mem­ber coun­try of the Africa Fi­nance Cor­po­ra­tion (AFC), a lead­ing de­vel­op­ment fi­nance in­sti­tu­tion for in­fra­struc­ture in Africa.

The ac­ces­sion of Zam­bia to AFC mem­ber­ship marks a sig­nif­i­cant mile­stone in the cor­po­ra­tions mis­sion to ad­dress Africas in­fra­struc­ture needs and build the foun­da­tion for ro­bust eco­nomic de­vel­op­ment across the con­ti­nent. To date the Cor­po­ra­tion has in­vested US$4.5 bil­lion in projects across 28 African coun­tries and in a wide range of sec­tors in­clud­ing power, telecom­mu­ni­ca­tions, trans­port and lo­gis­tics, nat­u­ral re­sources, and heavy in­dus­tries.

A state­ment yes­ter­day ex­plained that Zam­bia’s mem­ber­ship ac­ces­sion sup­ports the AFCs mem­ber­ship ex­pan­sion strat­egy and the con­tin­ued align­ment of its coun­try mem­ber­ship with its op­er­a­tional foot­print.

Zam­bia, which signed its let­ter of ad­her­ence on 11 Oc­to­ber, 2017 be­came the 16th mem­ber coun­try of AFC.

AFCs other mem­bers are: Cape Verde, Chad, Côte dIvoire, Dji­bouti, Gabon, the Gambia, Ghana, Guinea-Bis­sau, Guinea-Con­akry, Kenya, Liberia, Nige­ria, Rwanda, Uganda, and Sierra- Leone.

Com­ment­ing on the de­vel­op­ment, the CEO of AFC, Andrew Alli said: “We are ex­cited to wel­come Zam­bia as the first South­ern African mem­ber coun­try of AFC. We be­lieve that in­vest­ment in, and sus­tain­able de­liv­ery of in­fra­struc­ture in land-linked Zam­bia, will ac­cel­er­ate in­trare­gional trade and lead to stronger eco­nomic de­vel­op­ment and growth in South­ern Africa in par­tic­u­lar and Africa in gen­eral.

“This goal can only be achieved if ad­e­quate trans­port, power, telecom­mu­ni­ca­tions, and in­dus­trial in­fra­struc­ture are avail­able and are func­tional. This is where AFC steps in, and we are ex­cited by the chal­lenges and op­por­tu­ni­ties that lie ahead.”

AFC al­ready has a large pres­ence in Zam­bia. To date, the cor­po­ra­tion had in­vested over US$150 mil­lion in var­i­ous projects in the power and down­stream oil sec­tors.

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