Africa Finance Corporation Establishment Agreement

In September 2011, the company merged with the African Export Import Bank (Afreximbank) and the International Bank for West Africa – Céte d`Ivoire (BIAO-CI) as part of a $320 million commercial financing facility to finance the import, processing and refining of crude oil by the Ivorian Refining Corporation (SIR). [11] Africa Finance Corporation is a hybrid investment bank and development finance institution established in 2007 to mobilize and channel resources for Africa`s development. The group focuses on infrastructure development in Africa, particularly in the energy, transport, heavy industry, oil and gas, mining and telecommunications sectors. In October 2013, AFC launched its first syndicated loan – a $250 million agreement with Citibank, Rand Merchant Bank, Standard Bank and Standard Chartered Bank – to finance commercial projects. [23] AFC is majority owned by private investors, most of whom are African financial institutions, and private investors own 55.3% of the company. 44.7% belong to the Central Bank of Nigeria. In addition to private equity investors, AFC allows African states (through their central banks, sovereign wealth funds, public pension funds or similar institutions) to be both shareholders and members of the company. As of April 2020, the AFC has 26 (26) Member States. These include Nigeria (host country), Benin, Cape Verde, Chad, Côte d`Ivoire, Djibouti, Eritrea, Gabon, Gambia, Ghana, Guinea-Bissau, Kenya, Liberia, Madagascar, Malawi, Mauritius, Rwanda, Sierra Leone, Togo, Uganda, Zambia and Zimbabwe. [6] Africa Finance Corporation (AFC) is a pan-African multilateral development financial institution established in 2007 by sovereign African states to provide pragmatic solutions to Africa`s infrastructure deficit and challenging operating environment. The Corporation fills the infrastructure investment gap by providing debt and equity financing, project development, technical and financial advice.

[2] [3] [4] Country Relations Africa Finance Corporation Address: 3a Osborne Road, Ikoyi, Lagos Email: AFC is an international financial organization created by a contract between sovereign states. “This agreement underscores our strategic focus on using pan-African partnerships to address the challenges facing our continent, particularly in the context of the global financial crisis,” EKRA said in its statement at the ceremony. “Our common Member States can only begin to appreciate the value of the institutions they have created through creative and results-oriented partnerships that we are celebrating today,” he added. In his statement, AFC CEO Andrew Alli said: “AFC is very pleased to sign this cooperation agreement with a pan-African sister institution like Afreximbank.