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

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Africa Finance Corporation (AFC)
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The OPEC Fund for Worldwide Growth (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 vital to financial progress and job creation throughout the continent.

The proceeds of the 10-year mortgage shall 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 by a cooperation settlement in 2017. The mortgage is aligned with the United Nations Sustainable Growth Aim (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,” mentioned OPEC Fund Director-Common Dr. Abdulhamid Alkhalifa. “Sustainable infrastructure growth is essential to unlock Africa’s huge potential and allow it to totally make the most of its assets. Working with native companions on the bottom resembling AFC helps to deepen our impression and assist Africa’s growth agenda.”

AFC President & Chief Govt Officer Samaila Zubairu mentioned: “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 vital infrastructure in Africa. Developed and creating nations alike are battling the power challenges introduced on by a wave of world shocks, and these challenges will solely be solved by working collectively by partnership and engagement between the world’s main finance establishments.”

Africa’s financial progress has been slowed by international 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 rising entry to long-term sustainable finance for infrastructure tasks.

AFC is a multilateral monetary establishment with 39 member nations, established to offer financing and personal sector-driven options for infrastructure in key sectors together with energy, transport, heavy industries, telecommunications, and pure assets. So far, 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 Growth
Telephone: +43 151 564174
E mail: [email protected]

Yewande Thorpe
Communications
Africa Finance Company
Cellular : +234 1 279 9654
E mail : [email protected]

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

Concerning the OPEC Fund:
The OPEC Fund for Worldwide Growth (the OPEC Fund) is the one globally mandated growth establishment that gives financing from member nations to non-member nations completely. The group works in cooperation with creating nation companions and the worldwide growth group to stimulate financial progress and social progress in low- and middle-income nations world wide. The OPEC Fund was established in 1976 with a definite objective: to drive growth, strengthen communities and empower individuals. Our work is people-centered, specializing in financing tasks that meet important wants, resembling meals, vitality, infrastructure, employment (notably regarding MSMEs), clear water and sanitation, healthcare and training. So far, the OPEC Fund has dedicated greater than US$23 billion to growth tasks in over 125 nations with an estimated complete venture price 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 growth 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 strategy combines specialist trade experience with a deal with monetary and technical advisory, venture structuring, venture growth and threat capital to handle Africa’s infrastructure growth wants and drive sustainable financial progress. Fifteen years on, AFC has developed a monitor file because the companion of selection in Africa for investing and delivering on instrumental, high-quality infrastructure belongings that present important providers within the core infrastructure sectors of energy, pure assets, heavy trade, transport, and telecommunications. AFC has invested over US$11 billion in 36 nations throughout Africa since its inception. www.AfricaFC.org



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