OPEC Fund Supports Post-COVID-19 African Infrastructure With $50m Bank loan to Africa Finance Corporation
VIENNA–(Enterprise WIRE)–The OPEC Fund for Intercontinental Development (the OPEC Fund) and Africa Finance Corporation (AFC) have signed a $50 million personal loan agreement to assist finance and make infrastructure necessary for Africa’s article-COVID restoration. This represents the initial immediate financing co-operation between the two establishments.
The proceeds of the 10-year loan to AFC will help address the continent’s very well-acknowledged infrastructure financing gap. The bank loan will also assist amplified fiscal flows to Africa and contribute to COVID-19 restoration efforts in African economies by liberating up governing administration resources to meet urgent funding needs linked to the pandemic.
AFC President and CEO, Samaila Zubairu claimed: “AFC has been participating growth companions globally to come across techniques that we can act in live performance to mobilize the funds important for Africa’s post-pandemic recovery and enhance productive deployment. This financial loan is in line with AFC’s effort and hard work to aid the growth-very important infrastructure, from strength to transportation and commerce, and to return Africa again to the route of sustainable development and progress. We are fully commited to performing with the OPEC Fund and other companions as important enablers of crucial infrastructure growth.”
OPEC Fund Director-Common Dr. Abdulhamid Alkhalifa stated: “Africa’s urgent infrastructure financing demands have come to be even much more pronounced since the onset of COVID-19. The pandemic has hampered financial expansion and investment decision throughout the continent. Our support to AFC will assist present sustainable funding for infrastructure advancement to strengthen connectivity, transportation, logistics, trade and the development of work opportunities. We glance ahead to a very long and effective partnership with AFC. By working with experienced regional associates, our advancement impact is amplified.”
AFC is a money establishment with 28 member nations, set up to offer funding and personal sector-pushed solutions for infrastructure, pure means and industrial initiatives throughout Africa. To day, AFC has invested above US$8.4 billion in tasks in 35 African countries. The OPEC Fund signed a cooperation arrangement with AFC in 2017 and this loan marks the beginning of collaboration on the floor.
About the OPEC Fund
The OPEC Fund for Global Progress (the OPEC Fund) is the only globally mandated development institution that gives financing from member countries to non-member nations around the world. The group is effective in cooperation with producing region companions and the global growth local community to stimulate economic expansion and social progress in very low- and middle-profits international locations about the environment. The OPEC Fund was recognized by the member nations of OPEC in 1976 with a distinct mandate: to drive improvement, bolster communities and empower people. Our perform is people today-centered, focusing on funding tasks that meet up with critical desires, this sort of as food, electricity, infrastructure, work (particularly relating to MSMEs), clear h2o and sanitation, healthcare and training. To date, we have authorised a lot more than US$25 billion for functions in 135 husband or wife nations around the world. Our vision is a world where sustainable progress is a fact for all.
About Africa Finance Corporation
AFC was founded in 2007 to be the catalyst for private sector-led infrastructure expenditure across Africa. It is the second optimum investment decision quality rated multilateral monetary institution in Africa. AFC’s tactic brings together professional industry experience with a target on financial and specialized advisory, undertaking structuring, undertaking growth and risk funds to handle Africa’s infrastructure enhancement needs and drive sustainable financial expansion. AFC invests in substantial-good quality infrastructure belongings that supply crucial companies in the main infrastructure sectors of energy, purely natural sources, weighty industry, transportation, and telecommunications. To day, the Corporation has invested above US$8.4 billion in jobs in 35 international locations across Africa. www.africafc.org