South Korea and Dubai have agreed to fund Africa Finance Corps with $400 million.
Africa Finance Corps (AFC), a pan-African development financial institution, has raised $400 million in funding from new lenders from the Middle East and South Korea.
The initial goal was $300 million to strengthen its balance sheet; however, it was increased to $400 million after the AFC’s director stated that the corporation may borrow up to $3 billion this year.
Remember that in September 2021, the Africa Finance Corporation (AFC) established an independent asset management arm, AFC Capital Partners, with a plan to raise $500 million in one year and $2 billion over the next three years.
The corporation currently has 33 African member countries and has distributed over US$8.7 billion across 35 African countries and sectors such as power, transportation, telecommunications, heavy industries, and natural resources.
Among its notable works on the continent are the construction of the 385km Bakwena Toll Road in South Africa, the facilitation of the construction of the Carbon Holding petrochemicals facility in Egypt, and investment in the Gabon Special Economic Zone Company (GSEZ), now known as ARISE Ports & Logistics.
The AFC office is in Ikoyi, Lagos, Nigeria.