NEWS AfDB invests $50m in Africa finance coy
Africa Finance Corporation (AFC) yesterday announced that the African Development Bank Group has invested $50 million in its equity.
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 two institutions said at a joint press conference on the sideline of the Africa Investment Forum in Johannesburg, South 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 mobilise 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 saying: “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, energise and industrialise Africa.”
Dr. Akinwumi Adesina, President of African Development Bank Group remarked: “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.”