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Burkina Faso, Democratic Republic of Congo and Morocco added members in the first quarter of 2021
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More than half of the continent is represented in the corporation
The Africa Finance Corporation on Wednesday announced that 31 countries, representing more than half of the continent, are now its members.
A year ago it had 26 members. With Burkina Faso, the Democratic Republic of Congo and Morocco becoming members in the first quarter of 2021, the membership stands at 31 now.
Morocco is the only country in the MENA region to be a part of the AFC.
“This is a landmark achievement for AFC as we continue to expand our footprint across the continent,” said Samaila Zubairu, President & 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,” he added.
With a mission of bridging Africa’s infrastructure gap, AFC has invested over $8.7 billion in 35 countries across Africa, utilizing its unique access to global capital markets to drive development, integrate the continent’s economies, and transform lives.
Recent examples include a €130 million investment in the Agency for Aerial Navigation Safety in Africa and Madagascar, which provides air traffic management services; US$62.2 million funding for the 60MW Red Sea Wind Power project in Djibouti; and a US$150 million investment into the ARISE Special Economic Zone assets in Benin and Togo, with a strategic vision to build competitive industrial and logistics ecosystems.
Member countries enjoy significant benefits including 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. These interventions aim to help member states address critical infrastructure gaps across AFC’s core sectors of power, transportation, natural resources, telecommunications, and heavy industry.
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 the bankability of projects while allowing the Corporation to mobilize global funding for the continent’s economic development.
Mohamed Benchaaboun, Morocco’s minister of Economy, Finance and Administration Reform, said the kingdom looks forward to completing the legal ratification procedures as soon as possible so that it can benefit from the many membership benefits of AFC.