Africa’s leading multilateral finance institution, Africa Finance Corporation (AFC) announced a $63 million strategic investment to construct and operate a 60MW wind project in the Ghoubet area, near Lake Assal in Djibouti. AFC is a lead investor for Djibouti’s renewable energy project, the other investors are Great Horn Investment Holdings (GHIH) and Climate Fund Managers (CFM), and FMO, the Dutch entrepreneurial development bank.
Recent deals and investments by AFC are mentioned below:
December 2019: Africa Finance Corporation (AFC) announced a $150 million strategic investment in Danakali Limited in Eritrea. The AFC’s fund will help to develop the Colluli Potash Project located in the Danakali region of Eritrea. The Project is owned by the Colluli Mining Share Company, a joint venture between Danakali and the Eritrean National Mining Corporation.
December 2019: Africa Finance Corporation, announce a Joint Development Agreement with Switzerland based diversified company Brahms Oil Refineries Limited, which is part of Brahms Group.
November 2019: AFC closed its inaugural $140 million Kimchi Term Loan Facility. The proceeds from the Kimchi Term Loan will be used for general corporate purposes in accordance with AFC’s Establishment Agreement and the Charter.
Africa Finance Corporation (AFC), is a pan-African multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion. It headquartered at Lagos, Nigeria. AFC established by treaty between member states and AFC’s member includes major commercial banks and financial institutions. Currently AFC has 22 states and one multilateral organisation as its members.
AFC invests in infrastructure related assets that provide essential services like power, natural resources, heavy industry, transport, and telecommunications.