AFC invests in Gabon economic diversification
From OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – AFRICA Finance Corporation (AFC), the Lagos-based financial firm, is investing up to US$140 million in the Gabon Special Economic Zone (GSEZ) to accelerate Gabon’s economic diversification.
The GSEZ was created in 2010 to accelerate Gabon’s economic diversification and development and is a joint venture vehicle between Olam International, a leading agricultural business, and Gabon.
The venture, which has a portfolio of infrastructure projects spanning a variety of sectors, combines the expertise, networks and capital of both the public and private sectors. AFC’s investment will make a significant contribution to the development of these projects, which include: a new Mineral Terminal, a General Logistics terminal, as well as other special
infrastructure projects. GSEZ also owns and operates the Nkok Special Economic Zone and the Port Gentil Special Economic zone, which is in early development.
“We are delighted to be able to build on our well-established partnerships with the Republic of Gabon and with Olam by making this investment, which will help to accelerate the development of these infrastructure assets and diversify the economy of Gabon,” said Andrew Alli, President and Chief Executive Officer of AFC.
Ali Bongo Ondimba, President of Gabon, welcomed the investment by AFC.
“Our relationships with influential private sector institutions are crucial to the successful implementation of large scale infrastructure projects. Ultimately these projects will drive Gabon’s economic development and improve the lives of Gabonese citizens,” said Ondimba.
Gabon became the tenth member of AFC in August 2015.
The corporation’s other members are: Cape Verde, Chad, Côte d’Ivoire, The Gambia, Ghana, Guinea Bissau, Guinea Conakry, Liberia, Nigeria, Rwanda, Sierra Leone, and Uganda.
As with all members, Gabon’s membership enables AFC to receive preferred creditor status within the country, the benefits of which reduce AFC’s investment risk, enabling the Corporation to provide more competitive financing solutions.
– CAJ News
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