AFC set to invest $3 billion in sub-Saharan Africa
Africa Finance Corporation (AFC), a Lagos-based development financier, has revealed it is considering potential investments worth $3 billion across sub-Saharan Africa over the next year.
AFC was established in 2007, its mission being to “help address Africa’s infrastructure development needs while seeking a competitive return on capital for its shareholders”.
AFC shareholders include the various African financial institutions (47.6 percent), the Central Bank of Nigeria (42.5 percent), and several industrial and corporate shareholders (9.8 percent).
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Chief Executive Andrew Alli told Reuters news agency: “In our sectors we see a lot of opportunities. We are currently reviewing investments totalling $3 billion across the continent. That is what our pipeline is.”
"These are projects from Senegal down to Mozambique. Virtually every country in sub-Sahara Africa has a power deficit so there is obviously quite a lot of opportunity in power.
"It is almost certain that we won't invest in all of them but we would expect to review them and close them over the course of the next year or so," he said.
AFC has already invested $500 million in a range of projects from Cape Verde to Zambia that in total are worth $4 billion.
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