NIAMEY, Niger-Monday 8 November 2021 [ AETOS Wire ]
(BUSINESS WIRE) -- Africa Finance Corporation (AFC) is delighted to welcome the Republic of Niger as its 33rd member state. The Corporation has now achieved 60% of countries of Africa as member states.
“It is my pleasure to welcome the Republic of Niger as a member of AFC”, said Samaila Zubairu, President & CEO of AFC. “The membership of Niger is a significant milestone as it completes the membership of all countries in West Africa. This will be a significant contributor to integrating AFC’s activities in the region and making headway in the intra-Africa trade and logistics system. AFC will continue to bring its wealth of experience and technical expertise to deliver critical infrastructure required to support the development and industrialization of the country especially in these challenging times”.
Commenting on Niger’s accession, the Minister of Finance, Ahmet Jidoud, stated: “We are pleased to join the membership of AFC, a world class and pan-African infrastructure solutions provider, to support the development of the required infrastructure in Niger, needed for economic development, job creation and poverty alleviation.
Membership in AFC has been long overdue, and we are pleased to partner with an African institution with the track record that AFC has in the development and financing of climate-resilient infrastructure. Niger is one of the world’s most vulnerable countries to climate change because of its exposure to climate risks and its landlocked position. This partnership will support Niger to build the long-term resilience of its industrial and pastoral systems”.
With a mission of bridging Africa’s infrastructure gap, AFC has invested over $8.7 billion in 35 countries across Africa, utilizing its unique access to global capital markets to drive development, integrate the continent’s economies, and transform lives. Recent examples include a €130 million investment in the Agency for Aerial Navigation Safety in Africa and Madagascar, which provides air traffic management services; US$62.2 million funding for the 60MW Red Sea Wind Power project in Djibouti; and a US$150 million investment into the 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’s structuring and lending solutions for sovereign states, reduced debt costs for projects, and access to the Corporation’s Public Sector Advisory and Project Development facilities. These interventions aim to help member states address critical infrastructure gaps across AFC’s core sectors of power, transportation, natural resources, telecommunications, and heavy industry.
In return, member governments facilitate AFC’s investment process by granting privileges and diplomatic immunities commensurate with the Corporation’s multilateral status. This helps to reduce the cost of debt financing and improve bankability of projects, while allowing the Corporation to mobilize global funding for the continent’s economic development.
Transformational projects across Africa led by AFC include the US$887 million Kpone Independent Power Project (IPP), which has boosted Ghana’s energy generation by 10%; the US$365 million Henri Konan Bedie Bridge in Cote D’Ivoire, which provides quick and easy access to the centre of Abidjan; and the US$160 million Bakwena Toll Road in South Africa, which has led to significant reductions in the time and cost of travel to and from Pretoria.
AFC was established in 2007 to catalyse private sector-led infrastructure investment across Africa. It is the second highest investment grade rated multilateral financial institution in Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. The Corporation has invested over US$8.7 billion in projects in 35 countries across Africa since inception.
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