AFRICA – Africa Finance Corporation (AFC), the infrastructure solutions provider on the continent, received a US$100 million credit line from the Export-Import Bank of India (India Exim Bank) to develop the critical infrastructure required to rebuild Africa’s economies in the wake of the Covid-19 pandemic.
The AFC draws capital from a diverse range of international investors and lenders as part of its strategy to maintain Africa’s second highest investment grade credit ratings.
“As part of our mandate, India Exim Bank continues to foster a network of alliances and institutional linkages with multilateral agencies like Africa Finance Corporation, who have a strong credit profile and are at the forefront of changing the development landscape in Africa,” said Harsha Bangari, Deputy Managing Director of India Exim Bank.
“We look forward to broadening the relationship between our institutions for the economic benefit of Africa.”
“The Covid-19 pandemic has set back Africa’s growth trajectory and compounded its development challenges. We at AFC, continue to execute our mandate to address Africa’s infrastructure needs, working with leading development partners such as India Exim Bank,” AFC’s President and CEO, Samaila Zubairu said.
“These strategic partnerships help mobilise the urgently needed capital to rebuild Africa post-pandemic, with more resilient and sustainable infrastructure across key sectors including renewable energy, transportation and telecommunications.”
In June 2021, Africa Finance Corporation received a boost to its credit ratings from Moody’s Investors Service, which raised the outlook on its A3 rating to “stable”. The Corporation’s unique access to global capital markets, drives development, integrates Africa’s economies, and transforms lives on the continent.
AFC Capital Partners
AFC Capital Partners plans to raise US$500 million in the next 12 months and $2bn over the next three years.
The ICRF will act as a direct investor and a co-investment fund to enhance the quality of African ports, roads, bridges, rail, telecommunications, clean energy, and logistics in the face of rising temperatures and sea levels due to climate change.
In this act, AFC has appointed Ayaan Zeinab Adams as CEO of AFC Capital Partners.
As the former leader of the private sector arm of the Green Climate Fund under the UN Framework Convention on Climate Change, as well as a former CIO and Senior Manager of the World Bank Group’s IFC, Adams brings 27 years of experience in climate response and investment to her new role.
AFC Capital Partners forms a core part of the Corporation’s five-year strategy, as set out in 2018 to expand its suite of pragmatic and innovative funding solutions by mobilising capital to drive the development of infrastructure that is resilient to the impact of climate change.