Already nearly $900 million for the first AFC fund dedicated to climate-resilient infrastructure

Already nearly $900 million for the first AFC fund dedicated to climate-resilient infrastructure
Already nearly $900 million for the first AFC fund dedicated to climate-resilient infrastructure

(Ecofin Agency) – The institution specializing in infrastructure financing in Africa plans to raise a total of nearly a billion dollars. The fund’s initial goal is $750 million.

Africa Finance Corporation (AFC) has already exceeded the initial target of $750 million for its first fund dedicated to climate-resilient infrastructure in Africa, reported Bloomberg this Wednesday, May 15, 2024, quoting a manager of the pan-African financial institution.

“We plan to close our Infrastructure Climate Resilient Fund I, whose initial size has been set at $750 million, in the second quarter of 2024. This fund has already raised an additional $140 million, and we hope to attract additional investors before its closing”, said AFC CEO Samaila Zubairu (photo), indicating that total fundraising is expected to be close to $1 billion.

This year, we are focused on the start of our next five-year plan which aims to double our impact on the continent. Food security is an area that the donor wants to look at more seriously, as does climate,” he added.

The AFC announced, at the end of last March, the closing of a syndicated loan for a record amount of $1.16 billion obtained from several banks from Asia, the Middle East and Europe, including Standard Chartered Bank, Industrial and Commercial Bank of China, Société Générale, Intesa Sanpolo Bank Luxembourg and Abu Dhabi Commercial Bank.

Founded in 2007 with an initial capital of $1.1 billion, the AFC’s main mission is to catalyze infrastructure investments in Africa. Its main shareholders are the African Reinsurance Corporation, the African Development Bank (AfDB) and the pan-African banking groups Ecobank and United Bank for Africa (UBA).

With 43 member countries, the institution boasts more than $13 billion in investments on the continent.

Also read:

04/23/2024 – Africa Finance Corporation joins Morocco’s renewable energy export project to the United Kingdom

10/04/2024 – Africa Finance Corporation announces a 17.3% increase in its assets in 2023, to $12.34 billion

03/26/2024 – Africa Finance Corporation mobilizes a record amount of $1.16 billion through a syndicated loan

20/11/2023 – Burundi and Sao Tome and Principe become members of Africa Finance Corporation

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