$150 million to finance AFC projects
From OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – AFRICA Finance Corporation (AFC), the Lagos-based institution, has secured a US$150 million (N4,25 billion) 15-year loan facility from KfW Development Bank to refinance its projects in the continent.
The agreement with the German bank has been signed in London, United Kingdom.
“Not only will this loan facility from KfW add valuable capital to our finance reserves but the 15-year tenor period is particularly suited to funding the long-term, large-scale infrastructure projects that are so needed across Africa,” said Andrew Alli, Chief Executive Officer of AFC.
He said Africa’s infrastructure deficit was widely estimated to be approximately $90 billion every year for the next decade, with spending needed for new investments as well as operations and maintenance of what was already there.
“Loans such as these are invaluable if we are to make substantial progress with bridging this gap and stimulating economic development on the continent,” said Alli.
Jan Martin Witte, Head of Division for Infrastructure at KfW Development Bank, said the bank was excited about Africa’s growth potential.
“To enable that growth, and to build a sustainable future, countries on the continent will have to invest heavily in power, transport and other infrastructure sectors,” Witte said.
AFC is an international investment grade multilateral finance institution established in 2007.
– CAJ News
Short URL: http://cajnewsafrica.com/?p=13740