The Africa Finance Company (AFC) has signed a memorandum of understanding (MoU) with Saudi Fund for Growth (SFD) to collectively finance sustainable and impactful infrastructure tasks throughout Africa.
AFC, in an announcement on Thursday, stated the settlement was made on the Saudi-Africa financial convention in Riyadh, Saudi Arabia.
In response to the agency, the collaboration goals to coordinate in figuring out, growing, and co-financing infrastructure and growth tasks throughout the continent.
“The collaboration brings collectively two of the foremost entities behind progressive financing to shut Africa’s essential infrastructure hole,” AFC stated.
“In step with its mission to advertise international sustainable growth, SFD has funded greater than 800 growth tasks value $20 billion in over 100 international locations all over the world.
“In Africa alone, SFD has financed over 400 tasks in 46 international locations value US$10.7 billion, accounting for 57 p.c of its funding in growing international locations worldwide, and supporting sectors together with agriculture, vitality, business, transportation, and social infrastructure.”
Commenting on the event, Samaila Zubairu, AFC president and chief govt officer (CEO), stated the settlement is crucial for growth finance establishments to work diligently collectively and ship novel options that handle the unstable panorama and difficult financial circumstances.
“With our shared ardour to raise Africa’s instrumental position as an engine of world progress, we’re delighted to be partnering with SFD, whose appreciable assets have performed a optimistic position in accelerating financial growth in Africa,” Zubairu stated.
On his half, Sultan Al-Marshad, CEO of SFD, stated the signing of the MoU with the AFC “is a major step ahead in collaborating to finance sustainable and impactful infrastructure tasks throughout Africa”.
“Collectively, we’ll work to unify our efforts in delivering growth tasks that can have a optimistic affect on boosting financial progress and serving to to enhance the standard of life for tens of millions of individuals throughout the continent,” Al-Marshad stated.
AFC stated that the MoU lays a basis to help African international locations in reaching sustainable growth and fostering financial and social progress.
