Africa Finance Corporation incorporates all West African countries as members
NIAMEY, Niger, November 08, 2021–(BUSINESS WIRE)–Africa Finance Corporation (AFC) is delighted to welcome the Republic of Niger as its 33rd member state, bringing our membership of African countries to 60%.
“It is a pleasure for me to welcome the Republic of Niger as a member of AFC,” said Samaila Zubairu, President and CEO of AFC. “Niger’s membership is an important step as it complements the membership of all West African countries. This will contribute significantly to the integration of AFC activities in the region and to the progress of the intra-African trade and logistics system. AFC will continue to bring its rich experience and technical expertise to provide the critical infrastructure needed to support the development and industrialization of the country, especially in these difficult times”.
Commenting on Niger’s membership, Minister of Finance, Ahmat Jidod, said, “We are pleased to join AFC, a world-class, pan-African infrastructure solutions provider, to support the development of the required infrastructure. in Niger, necessary for economic development, job creation and the fight against poverty.
Joining AFC is long overdue, and we are pleased to partner with an African institution with AFC’s track record in developing and financing climate-resilient infrastructure. Niger is one of the most vulnerable countries to climate change in the world due to its exposure to climate risks and its isolation. This partnership will support Niger to build the long-term resilience of its industrial and pastoral systems”.
With a mission to close Africa’s infrastructure gap, AFC has invested more than $8.7 billion in 35 African countries, using its unique access to global capital markets to drive development, integrate economies of the continent and transform lives. Recent examples include a €130 million investment in the Agency for Air Navigation Safety in Africa and Madagascar, which provides air traffic management services; $62.2 million in financing for the 60 MW Red Sea Wind Power Project in Djibouti; and a US$150 million investment in 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 structuring and lending solutions for sovereign states, reduced debt costs for projects, and access to the Company’s public sector advisory and project development services. These interventions aim to support Member States to address critical infrastructure gaps in AFC’s main sectors, namely energy, transport, natural resources, telecommunications and heavy industry.
In return, member governments facilitate AFC’s investment process by granting diplomatic privileges and immunities commensurate with the Company’s multilateral status. This helps to reduce the cost of debt financing and improve the bankability of projects, while enabling the Company to mobilize global financing for the economic development of the continent.
Transformational projects across Africa led by AFC include the $887 million Kpone Independent Power Project (IPP), which increased Ghana’s power generation by 10%; the $365 million Henri Konan Bedie Bridge in Ivory Coast, which provides quick and easy access to central Abidjan; and the $160 million Bakwena Toll Road in South Africa, which has dramatically reduced travel time and cost to and from Pretoria.
AFC was established in 2007 to catalyze private sector-led infrastructure investment across Africa. It is the second highest rated multilateral financial institution in Africa. AFC’s approach combines specialized sector expertise with a focus on financial and technical advisory, project structuring, project development and venture capital to meet Africa’s infrastructure development needs and drive a sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the basic infrastructure sectors of energy, natural resources, heavy industry, transportation and telecommunications. AFC has invested more than US$8.7 billion in projects in 35 countries in Africa since its inception.
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