AFC Funds $10bn Projects In 35 African Countries Over 15 years

BY CHINYERE OBIORA, LAGOS – The Africa Finance Corporation (AFC) has invested a total of $10 billion (about N4.2 trillion) in projects across 35 African countries since its inception over 15 years ago.

The investment profile covers high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.

Importantly, the Corporation’s approach combines specialist industry expertise with a focus on financial and technical advisory; project structuring; project development; and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Speaking during the Corporation’s 15th anniversary, President and Chief Executive Officer of AFC, Samaila Zubairu said the Corporation is rebranding with ‘Infrastructure Instrumental Africa’ as its strapline, adding that; “Our new identity reinforces our role in working to advance Africa’s instrumental role as a global growth engine.

He said; “Through impact investing in infrastructure, we are committed to helping the continent position itself for greater success in a world of growing crisis and complexity.”

According to him; “With Africa’s infrastructure investment needs put at between $130 and $170 billion a year, the AFC’s new branding is emblematic of its strategic developmental role in the sectors most critical as growth engines for sustainable economic development.

“In the process, millions of jobs required for the continent’s rapidly growing youth population are generated.”

Also speaking at the programme in Lagos, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele said; “Africa is lucky that AFC was born in Nigeria. Because what Nigeria tried to do is to say that because we are the largest economy in Africa; because we are the largest populated country in Africa, we as Nigeria need to play a leading role in the establishment of a development finance institution that will truly help to finance funding of projects, particularly infrastructure projects in Africa and particularly in Nigeria.”

“Our new logo embodies our mission to be the bridge to a prosperous African future, as we relentlessly strive to advance our continent’s instrumental position as it takes its place on the global stage.

In his intervention, the Governor of Anambra State, Chukwuma Charles Soludo said; “AFC was set up to be a game-changer in terms of its catalytic role in moving Africa forward. AFC was also an experiment in African capital developing Africa. It’s one institution, one major institution, a pan-African institution where the private sector came in, the public sector came in and purely African capital, in terms of its ownership, we set it up to be, and it was hundred percent African capital.”

The former CBN Governor further explained that; “Core to our approach, is turning infrastructure into an instrument for change. We consistently deliver fast and sustainable solutions to close Africa’s infrastructure gap and unleash our continent’s prosperity.

“In so doing, we seek to elevate Africa’s instrumental role as a critical engine of global growth. Through impact investing in infrastructure, we are committed to helping the continent position for greater success in a world of growing crisis and complexity.

“Ultimately, we are working to shine the spotlight on Africa as a major supplier of beneficiated resources, goods, and services, and as the primary source of metals and minerals for new energy transition—with the underlying goal of creating jobs for the world’s largest and youngest workforce.”

Soludo said; “As Africa’s leading infrastructure finance institution, offering end-to-end finance and consultancy, AFC’s rebranding reiterates its capabilities to deliver across power, heavy industries, natural resources, transport, logistics, and telecommunications.”