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Burkina Faso, DRC and Morocco are the latest to join
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More than half of African nations are now members of AFC
Africa Finance Corporation, one of the region’s biggest investors in infrastructure development, Wednesday announced that it has exceeded 30 member states, representing more than half the continent.
Membership by Burkina Faso, Democratic Republic of Congo and Morocco, all in the first quarter of 2021, brings the total number of AFC member states to 31, an increase from 26 members a year ago.
“This is a landmark achievement for AFC as we continue to expand our footprint across the continent,” said Samaila Zubairu, president and CEO of AFC. “With this expanded membership and our technical expertise, we are empowered to deliver critical infrastructure with a greater focus on energy, renewables and digital infrastructure rebuilding a more resilient and sustainable economy post-COVID-19.”
AFC has invested over $8.7 billion in 35 countries across Africa, utilising its access to global capital markets to drive development and integrate the continent’s economies. One of the recent examples include a €130 million investment in the Agency for Aerial Navigation Safety in Africa and Madagascar, which provides air traffic management services.
Member countries get increased investment allocation, preferred access to AFC’s structuring and lending solutions for sovereign states, reduced debt costs for projects, and access to the Corporation’s Public Sector Advisory and Project Development facilities.
In return, member governments facilitate AFC’s investment process by granting privileges and diplomatic immunities commensurate with the Corporation’s multilateral status. This helps to reduce the cost of debt financing and improve bankability of projects, while allowing the Corporation to mobilize global funding for the continent’s economic development.
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. It is the second highest investment grade rated multilateral financial institution in Africa.