African Development Bank (AfDB) Group, Africa’s highest investment-grade rated (AAA) finance institution, has invested $50 million (about K37 billion) in the equity of Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa.
A joint statement says 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.
Reads the statement in part: “The addition of AfDB as a shareholder and DFI [development finance institution] 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 mobilise resources for the continent’s economic and social development.”
AFC president and chief executive officer Samaila Zubairu welcomed AfDB as a shareholder and strategic partner.
“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, energise and industrialise Afria,” he is quoted in the statement.
On his part, AfDB president Akinwumi Adesina said the pan-African bank shares AFC’s vision of developing Africa-led responses to the continent’s socio-economic development.
“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,” he is quoted as having said.
Adesina said these solutions will adopt the highest standards and generate value to stakeholders—Africa Media Agency