African Development Bank Group becomes shareholder in Africa Finance Corporation
Infrastructure solutions provider in Africa, Africa Finance
Corporation, today announces that the African Development Bank Group,
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.
