Tuesday, May 28, 2024

AFC plans $750m raise to bridge Africa’s infrastructure gap

Must read

The Africa Finance Corporation has revealed plans to raise about $750m in the first half of 2024 to bridge the continent’s infrastructure gap and build resilience against climate change.

The inaugural $750m Infrastructure Climate Resilient Fund has attracted an additional $140m and is expected to lure more investors before its closure.

This was disclosed by the Chief Executive Officer of AFC, Samaila Zubairu, during an interview with Bloomberg Television.

According to Zubairu, in  March, the AFC announced the successful closing of a $1.16bn syndicated loan— its “largest-ever” debt facility to “Consistently deliver fast and sustainable solutions to close Africa’s infrastructure gap and unleash the continent’s potential, leading to prosperity for all Africans”.

He added, “This year, we are focused on the beginning of our next five-year plan and that is really about how to double our impact on the continent.”

He highlighted that food security and climate were areas that the lender wanted to look at “more seriously.”

He said that the AFC was in talks with officials in Gulf nations to expand bilateral trade, which would see African countries export agricultural and mineral inputs to industries in the Middle East.

“For most Gulf countries, should be looking at how to capture more value, and by that, you could see an extension of their supply chain into Africa.

“Most African countries have a clear path for growth now, and they’re beginning to understand that there’s a need for us all to focus on how to create more jobs,” he said.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

Latest article