AFC Expands Footprint in Benin, Botswana, DRC, Somalia

Nume Ekeghe

The Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider has continued to expand and diversify its membership and shareholder base, recently welcoming Benin, Botswana, the Democratic Republic of Congo, and Somalia.

Accession to membership by Botswana and Somalia advances AFC’s mandate by conferring privileges and diplomatic immunities in line with the Corporation’s multilateral status and provides support for meaningful engagement in these key African economies.

A statement quoted Botswana’s Minister of Finance & Economic Development, Peggy Serame to have said: “We are pleased to invest in AFC, as the Corporation has demonstrated its commitment as an African entity dedicated to infrastructure growth. We are proud to be a part of this pan-African triumph and looking forward to developing more critical infrastructure in the future.”

Somalia’s Minister of Finance, Dr. Elmi M. Nur, commented: “As Somalia continues to rebuild and grow, our membership in the Africa Finance Corporation will play a crucial role in securing the financial support needed to drive our nation’s development forward. We look forward to this exciting partnership.”

Additionally, the equity investments in AFC by existing members Benin and DRC enhance the Corporation’s pan-African spread of shareholders, which include governments, development finance institutions, and institutional investors.

Benin’s Minister of Economy and Finance, Romuald Wadagni said: “Our investment in the Africa Finance Corporation reaffirms our commitment to addressing Benin’s infrastructure and socio-economic challenges with endogenous financing solutions. We are optimistic that this new synergy will catalyze growth and development for our people.”

Minister of Finance of the DRC, Nicolas Kazadi, commented: “We are looking forward to leveraging our relationship with the AFC to sustainably build critical supporting infrastructure that will maximise our resources.”