AFC raises funds for local infrastructure projectsfrom OKORO CHNEDU in Lagos, Nigeria
LAGOS – THE Africa Finance Corporation (AFC)has restated its
commitment to addressing the continent’s infrastructure challenges.
This follows the leading investment grade rated multilateral development finance institution, announced the close of a US$ 300 million dual tranche club facility arranged by a number of initial mandated lead arrangers.
Among these are Bank of Tokyo-Mitsubishi, Deutsche Bank AG, FirstRand Bank Limited, Standard Bank of South Africa Limited and Standard Chartered Bank.
The completion of the fund raising was simultaneously announced in Lagos and the United Kingdom.
Banji Fehintola, AFC Senior Vice President and Treasurer, said the
organisation’s long term vision was to help address Africa’s
infrastructure deficit and ensure sustainable economic growth for the continent.
“We are encouraged by the confidence that our lenders have placed in us. We believe that the well documented need for bridging the infrastructure investment divide across Africa will provide the opportunity to apply AFCs differentiated model of providing long-term infrastructure financing and value added infrastructure asset project development expertise, to generate real value for our investors and stakeholders,” he said.
AFC, a multilateral finance institution, was established in 2007 with a capital base of US$1 billion, to be the catalyst for private sector infrastructure investment across Africa.
It is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s US$2 billion Power and Aviation Intervention Fund (PAIF).
AFC is a partner with Vigeo Holdings Limited and Tata Power Delhi
Distribution Limited for the acquisition of power distribution assets, and a lead financier in the acquisitions of the Kainji and Ughelli power generation plants in the current Nigerian Government power sector privatisation round.
– CAJ News
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