27.2 C
Sunday, June 23, 2024

OPEC Fund helps essential infrastructure in Africa with $50m mortgage to Africa Finance Company

Must read

Africa Finance Corporation (AFC)
Obtain emblem

The OPEC Fund for Worldwide Improvement (the OPEC Fund) and Africa Finance Company (AFC) (www.AfricaFC.org) have signed a US$50 million mortgage settlement to finance the event of infrastructure essential to financial development and job creation throughout the continent.

The proceeds of the 10-year mortgage will probably be used to enhance connectivity, transport, logistics, commerce and to spice up entry to vitality throughout the African continent. The mortgage doubles the OPEC Fund’s dedication to AFC following an preliminary US$50 million 10-year mortgage offered in January 2021, and builds on collaboration initiated via a cooperation settlement in 2017. The mortgage is aligned with the United Nations Sustainable Improvement Objective (SDG) 9 – Innovation and infrastructure, and SDG 17 – Partnerships.

“Africa continues to be a key area for the OPEC Fund, with greater than 45 % of our combination financing devoted to the continent,” stated OPEC Fund Director-Basic Dr. Abdulhamid Alkhalifa. “Sustainable infrastructure improvement is essential to unlock Africa’s huge potential and allow it to totally make the most of its sources. Working with native companions on the bottom equivalent to AFC helps to deepen our impression and assist Africa’s improvement agenda.”

AFC President & Chief Govt Officer Samaila Zubairu stated: “AFC has loved a long-standing partnership with the OPEC Fund and we’re delighted to collaborate once more to assist the work we do in creating essential infrastructure in Africa. Developed and creating nations alike are battling the persistent challenges introduced on by a wave of worldwide shocks, and these challenges will solely be solved by working collectively via partnership and engagement between the world’s main finance establishments.”

Africa’s financial development has been slowed by world provide chain disruptions and rising prices within the aftermath of the COVID-19 pandemic, additional widening the continent’s infrastructure funding hole. The collaboration between the OPEC Fund and AFC is focused at growing entry to long-term sustainable finance for infrastructure tasks.

AFC is a multilateral monetary establishment with 39 member nations, established to supply financing and personal sector-driven options for infrastructure in key sectors together with energy, transport, heavy industries, telecommunications, and pure sources. Up to now, AFC has invested over US$11 billion in tasks throughout 36 African nations.

Distributed by APO Group on behalf of Africa Finance Company (AFC).

Media Inquiries:
Basak Pamir
Senior Communications Officer
OPEC Fund for Worldwide Improvement
Cellphone: +43 151 564174
Electronic mail: [email protected]

Yewande Thorpe
Africa Finance Company
Cell : +234 1 279 9654
Electronic mail : [email protected]

Gavin Serkin
New Markets Media & Intelligence
Phone: +44 20 3478 9710
Electronic mail: [email protected]

In regards to the OPEC Fund:
The OPEC Fund for Worldwide Improvement (the OPEC Fund) is the one globally mandated improvement establishment that gives financing from member nations to non-member nations solely. The group works in cooperation with creating nation companions and the worldwide improvement group to stimulate financial development and social progress in low- and middle-income nations world wide. The OPEC Fund was established in 1976 with a definite function: to drive improvement, strengthen communities and empower individuals. Our work is people-centered, specializing in financing tasks that meet important wants, equivalent to meals, vitality, infrastructure, employment (notably regarding MSMEs), clear water and sanitation, healthcare and schooling. Up to now, the OPEC Fund has dedicated greater than US$23 billion to improvement tasks in over 125 nations with an estimated whole venture value of US$190 billion. The OPEC Fund is rated AA+/Outlook Steady by Fitch and AA, Outlook Constructive by S&P. Our imaginative and prescient is a world the place sustainable improvement is a actuality for all.

About AFC:
AFC was established in 2007 to be the catalyst for personal sector-led infrastructure funding throughout Africa.  AFC’s method combines specialist business experience with a concentrate on monetary and technical advisory, venture structuring, venture improvement and threat capital to handle Africa’s infrastructure improvement wants and drive sustainable financial development. Fifteen years on, AFC has developed a observe report because the companion of selection in Africa for investing and delivering on instrumental, high-quality infrastructure property that present important companies within the core infrastructure sectors of energy, pure sources, heavy business, transport, and telecommunications. AFC has invested over US$11 billion in 36 nations throughout Africa since its inception. www.AfricaFC.org


- Advertisement -spot_img

More articles


Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article