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African Development Bank Group becomes a shareholder in Africa Finance Corporation

The Bank Group’s investment in Africa Finance Corporation (AFC) will enable both institutions to accelerate infrastructure development and delivery on the continent

Shareholding follows investment of $50 million in AFC’s equity by Bank Group; African Development Bank becomes second investment-grade Supranational Finance Institution to join and invest in AFC.

Africa Finance Corporation (AFC), a leading infrastructure solutions provider in Africa, today announces that the African Development Bank Group, Africa’s highest investment-grade rated (AAA with stable outlook) multinational finance institution, has invested $50 million in the equity of AFC.

The Bank Group’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.

The addition of the African Development Bank Group as a shareholder and development finance institution member of AFC, complements the Corporation’s strategy of addressing Africa’s infrastructure deficit. It also marks a further step in the Bank’s undertaking to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent’s economic and social development.

The equity investment in AFC further broadens its shareholder base and follows recent equity investments in the Corporation by African Re-Insurance Corporation and the Republic of Ghana. The African Development Bank Group will have representation on the AFC Board of Directors as part of the equity investment.

Samaila Zubairu, President and Chief Executive Officer of AFC, commented on the completion of the equity investment by the Bank: “AFC welcomes the African Development Bank Group as a shareholder and strategic partner, with whom we would continue our collaboration journey to address Africa’s Infrastructure deficit and challenging business environment. AFC’s mandate is a strategic fit for the Bank’s objective to integrate, energize and industrialize Africa.”

Dr. Akinwumi A. Adesina, President, African Development Bank Group remarked: “We share AFC’s vision of developing Africa-led responses to the continent’s socio-economic development. To date, we have worked jointly to deliver transformational projects with tangible impact over the years.

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. These solutions will adopt the highest standards, generate value to stakeholders, and foster sustainable development and economic growth across the African continent.”

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Innov8tiv is a dynamic Web source for technology news, resources and innovation, with a special focus on the entrepreneurial advances of Africans on the continent as well as in the Diaspora. This site seeks to not only inform consumers and companies about the latest in tech trends and ideologies, but to shed light on a phenomenon often ignored: the inventive, life-changing and creative engine that exists in Africa and among leaders of color around the world, including the UK, the Caribbean, Australia, and Asia. Send story ideas to info@innov8tiv.com

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