Africa Finance Company (AFC) (www.AfricaFC.org), the continent’s main infrastructure options supplier, as we speak introduced an fairness funding from Turk Eximbank on behalf of the Republic of Türkiye, marking a historic milestone in onboarding the Company’s first non-African sovereign shareholder.
The fairness subscription from Türkiye’s official export credit score company advances AFC’s mission to be the bridge between Africa and international stakeholders wishing to play a key function within the continent’s improvement and prosperity. Turk Eximbank’s funding in AFC is its first in an African entity and aligns with Türkiye’s strategic imaginative and prescient of fostering resilient and sustainable development in Africa, as outlined within the authorities’s Africa Partnership Coverage, underlining the relevance of AFC to ship on these aspirations. AFC’s distinctive and confirmed enterprise mannequin of growing sustainable and impactful tasks on the continent with the help of each African private and non-private sector capital makes it a dependable long-term companion for efficiently increasing Türkiye’s appreciable improvement agenda on the continent.
Türkiye has been a steadfast ally in Africa’s improvement journey, evidenced by its place as a strategic companion of the African Union and its sturdy advocacy for Pan-Africanism. The nation has performed an important function in catalysing each private and non-private funding in growth-enhancing sectors throughout the continent. At the moment, Türkiye is without doubt one of the main improvement and industrial companions for Africa, with commerce growing to US$40.7 billion in 2022, from US$5.4 billion in 2003.
Samaila Zubairu, President&CEO of AFC, commented: “We’re delighted to welcome Turk Eximbank as the primary non-regional sovereign shareholder of AFC. This funding not solely validates our efforts in addressing Africa’s infrastructure challenges but additionally underscores Türkiye’s dedication to fostering south-south cooperation. As a testomony to the growing international curiosity in AFC’s mission, this prestigious endorsement from a non-African entity of such calibre amplifies our dedication to advancing Africa’s improvement. By means of this partnership, we intention to proceed constructing the infrastructure that can foster industrialization, worth seize and retention in Africa in addition to create high quality jobs for Africa’s rising inhabitants. We eagerly anticipate additional collaborations with Türkiye, a nation that demonstrates a profound dedication to supporting Africa’s development and prosperity in a number of essential sectors.”
Ali Güney, CEO of Turk Eximbank, commented: “We take nice pleasure in asserting our strategic partnership with Africa Finance Company. This noteworthy funding exemplifies our dedication to facilitating substantial collaborations that can present essential help to Turkish exporters and development corporations, thus catalysing sustainable financial development and improvement inside each areas, a collaboration that signifies a profound dedication to fostering synergies between Türkiye and Africa. We intention to contribute actively to the strategic initiatives of AFC and our dedication extends past mere participation, as we try to fortify the financial bonds between Türkiye and the AFC member states, transcending geographical boundaries and nurturing a relationship that’s harmonious, equitable, and mutually enriching.
The funding extends AFC’s already present sturdy partnerships in Türkiye with main engineering, procurement, and development (EPC) corporations for the financing and improvement of transformational infrastructure tasks in Africa. These embody the 300 MW Mixed Cycle Gasoline (CCG) plant in Senegal, developed by Calik Enerji, and the event and development of an 80MW peat-fired Impartial Energy Undertaking (IPP) in Rwanda by Hakan Madencilik A.S. Most lately, AFC exited its 35% fairness stake in Ghana’s Takoradi port to Türkiye’s Yilport Holdings, one of many world’s main port operators. The Company is in ongoing discussions with the International Financial Relations Board of Türkiye (DEİK) and the Turkish Contractors Affiliation, additional cementing its dedication to unlock new enterprise alternatives and improve bilateral commerce and cooperation between Türkiye and Africa.
AFC is an A3 (Moody’s) rated investment-grade establishment that has continued over time to efficiently elevate funds throughout a various vary of markets, together with within the US, UK, UAE, Europe, Japan and South Korea. AFC has additionally acquired fairness investments from main African sovereigns and pension funds, and enjoys the help of world multilaterals, industrial banks and different monetary establishments, as attested by current funding help from the US Improvement Finance Company (DFC), Germany’s DEG, France’s Proparco, the Netherland’s FMO, China Exim Financial institution, India Exim Financial institution, and the key worldwide and African industrial banks. This worldwide backing demonstrates international investor confidence in AFC’s sturdy credit score profile and skill to ship de-risked, transformational infrastructure tasks that propel Africa to its rightful place on the worldwide stage.
Distributed by APO Group on behalf of Africa Finance Company (AFC).
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Yewande Thorpe
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Africa Finance Company
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Sumru Aktaş
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Turk Eximbank
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About AFC:
AFC was established in 2007 to be the catalyst for personal sector-led infrastructure funding throughout Africa. AFC’s method combines specialist trade experience with a deal with monetary and technical advisory, mission structuring, mission improvement, and danger capital to handle Africa’s infrastructure improvement wants and drive sustainable financial development.
Sixteen years on, AFC has developed a observe document because the companion of alternative in Africa for investing and delivering on instrumental, high-quality infrastructure property that present important companies within the core infrastructure sectors of energy, pure assets, heavy trade, transport, and telecommunications. AFC has 42 member nations and has invested US$13 billion throughout Africa since inception.
www.AfricaFC.org
About Turk Eximbank:
Turk Eximbank was established in 1987 because the official export credit score company of Türkiye. In alignment with the evolving dynamics of the worldwide and Turkish financial system, Turk Eximbank diligently meets the monetary necessities of export-oriented sectors. Turk Eximbank’s means to mix credit score, assure, and insurance coverage merchandise underneath the identical roof permits it to offer its clients with totally built-in service. In doing so, the financial institution serves an intensive line up of consumers starting from home producers to worldwide contractors and carriers, and from these concerned within the tourism trade to these offering foreign-currency incomes companies comparable to software program and mission improvement, and consultancy.
Since its inception, Turk Eximbank has demonstrated a steadfast dedication to innovation by persistently introducing new credit score packages tailor-made to the precise calls for and wishes of exporters.
