Turk Eximbank Joins Africa Finance Company (AFC) as Inaugural non-African Shareholder

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Infrastructure options supplier, Africa Finance Company (AFC), introduced it had obtained an fairness funding of an undisclosed from Turk Eximbank on December twenty ninth. Turk Eximbank made the funding on behalf of the Republic of Türkiye.

“By way of this partnership, we goal to proceed constructing the infrastructure that may foster industrialization, worth seize and retention in Africa in addition to create high quality jobs,” the AFC mentioned in a press release asserting the deal.

  • Commerce between Türkiye and Africa has elevated to US$40.7 billion in 2022 from US$5.4 billion in 2003.
  • Turk Eximbank’s funding in AFC is its first in an African entity.
  • It now turns into the AFC’s first non-African sovereign shareholder.

“This funding not solely validates our efforts in addressing Africa’s infrastructure challenges but additionally underscores Türkiye’s dedication to fostering south-south cooperation,” Samaila Zubairu, President & CEO of AFC mentioned.

The funding extends AFC’s already present robust partnerships in Türkiye with main engineering, procurement, and development (EPC) corporations for the financing and improvement of transformational infrastructure initiatives in Africa.

  • These embrace the 300 MW Mixed Cycle Fuel (CCG) plant in Senegal, developed by Calik Enerji, and the event and development of an 80MW peat-fired Impartial Energy Challenge (IPP) in Rwanda by Hakan Madencilik A.S.
  • Most just 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.

“This noteworthy funding exemplifies our dedication to facilitating substantial collaborations that may present essential assist 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,” Ali Güney, CEO of Turk Eximbank mentioned whereas asserting the deal.

AFC is an A3 (Moody’s) rated investment-grade establishment that has raised funds throughout a various vary of markets, together with within the US, UK, UAE, Europe, Japan and South Korea.

  • It has additionally obtained fairness investments from main African sovereigns and pension funds, and enjoys the assist of world multilaterals, business banks and different monetary establishments,
  • It just lately obtained funding assist 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 foremost worldwide and African business banks.
  • It has a robust credit score profile due to its “means to ship de-risked, transformational infrastructure initiatives that propel Africa to its rightful place on the worldwide stage.”


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