Africa Finance Corporation welcomes all West African countries as members

The Africa Finance Corporation (AFC) is glad to welcome the Republic of Niger as the organization’s 33rd member. Corporation now has 60 percent of countries of Africa as member states.

“It is my pleasure to welcome the Republic of Niger as a member of AFC”, said Samaila Zubairu, President & CEO of AFC.

He added, “The membership of Niger is a significant milestone as it completes the membership of all countries in West Africa. This will be a significant contributor to integrating AFC’s activities in the region and making headway in the intra-Africa trade and logistics system. AFC will continue to bring its wealth of experience and technical expertise to deliver critical infrastructure required to support the development and industrialization of the country especially in these challenging times”.

Commenting on Niger’s accession, the Minister of Finance, Ahmet Jidoud, stated: “We are pleased to join the membership of AFC, a world class and pan-African infrastructure solutions provider, to support the development of the required infrastructure in Niger, needed for economic development, job creation and poverty alleviation.

Membership in AFC has been long overdue, and we are pleased to partner with an African institution with the track record that AFC has in the development and financing of climate-resilient infrastructure. Niger is one of the world’s most vulnerable countries to climate change because of its exposure to climate risks and its landlocked position. This partnership will support Niger to build the long-term resilience of its industrial and pastoral systems”.

With the goal of closing Africa’s infrastructure deficit, the African Development Bank (AFC) has invested over $8.7 billion in 35 African countries, leveraging its unique access to global finance markets to promote development, integrate economies, and transform lives. A €130 million investment in the Agency for Aerial Navigation Safety in Africa and Madagascar, which provides air traffic management services; a US$62.2 million investment in Djibouti’s 60MW Red Sea Wind Power project; and a US$150 million investment in the ARISE Special Economic Zone assets in Benin and Togo, with a strategic vision to build competitive industrial and logistics ecosystems, are just a few recent examples.

Member countries benefit from enhanced investment allocation, preferential access to the AFC’s sovereign state structuring and lending solutions, lower project finance costs, and access to the Corporation’s Public Sector Advisory and Project Development facilities. These initiatives are aimed at assisting AFC member states in closing key infrastructure gaps in the power, transportation, natural resources, telecommunications, and heavy industry sectors.

Members states help AFC’s investment process in exchange for benefits and diplomatic immunity corresponding with the Corporation’s multilateral status. This helps to lower debt financing costs and increase project bankability, while also allowing the Corporation to access worldwide finance for the continent’s economic development.

Transformational projects across Africa led by AFC include the US$887 million Kpone Independent Power Project (IPP), which has boosted Ghana’s energy generation by 10%; the US$365 million Henri Konan Bedie Bridge in Cote D’Ivoire, which provides quick and easy access to the centre of Abidjan; and the US$160 million Bakwena Toll Road in South Africa, which has led to significant reductions in the time and cost of travel to and from Pretoria.