Agreement For The Establishment Of The Africa Finance Corporation

Posted by on Apr 8, 2021 in Uncategorized | No Comments

In July 2015, the company signed a joint development contract with the Ivorian project company Ivoire Hydro Energy SA (IHE) for the construction of a 44 MW hydroelectric power plant in Singrobo, Côte d`Ivoire. [19] Rwanda has officially joined the Africa Finance Corporation (AFC) after the ratification of its membership in the country`s Senate, local media reported on Wednesday. Africa Finance Corporation is a hybrid investment bank and development finance institution established in 2007 to mobilize and channel resources for Africa`s development. The group focuses on infrastructure development in Africa, particularly in the energy, transport, heavy industry, oil and gas, mining and telecommunications sectors. “This agreement underscores our strategic focus on using pan-African partnerships to address the challenges facing our continent, particularly in the context of the global financial crisis,” EKRA said in its statement at the ceremony. “Our common Member States can only begin to appreciate the value of the institutions they have created through creative and results-oriented partnerships that we are celebrating today,” he added. In his statement, AFC CEO Andrew Alli said: “AFC is very pleased to sign this cooperation agreement with a pan-African sister institution like Afreximbank. The recent global financial crisis has had a negative impact on the ability of African banks and businesses to access trade finance lines, which are often the backbone of Africa`s business. By combining the collective resources and capabilities of our two institutions, we will propose creative solutions to help African companies weather the current turbulence in international financial markets, while laying the groundwork for a sustainable expansion of trade finance activities in Africa. In this sense, the AFC and Afreximbank have already cooperated on a large-scale commercial financing operation, and the signing of this agreement would facilitate further cooperation. Africa Finance Corporation (AFC) is a pan-African multilateral development financial institution established in 2007 by sovereign African states to provide pragmatic solutions to Africa`s infrastructure deficit and challenging operating environment. The Corporation fills the infrastructure investment gap by providing debt and equity financing, project development, technical and financial advice. [2] [3] [4] We do not believe that countries should pay annual dues or fees to benefit from investments and/or interventions by multilateral financial institutions such as the AFC.

The integration of project funding structures will fund economic infrastructure projects, which will further contribute to the public purse and thereby reduce government budgetary needs.