$1Billion of Ventures, Africa Finance Corporation (AFC): Greeted Egypt as its 32nd, member state

By Abdul Rahman Bangura–

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- “With the increasing importance of public-private partnerships in advancing the African continent and Egypt in particular, we are pleased to accede to membership of a renowned and trusted pan-African institution like Africa Finance Corporation,” Prime Minister H.E. Dr. Mostafa Madbouly announced. “We are already in discussions with AFC on pipeline projects, some of which includes supporting COVID-19 vaccine manufacture, working closely with the Ministry of Transportation to fund the high speed train and the Cairo Monorail projects, as well as a collaboration with The Sovereign Fund of Egypt (TSFE) to fund renewable projects, and we look forward to executing these projects in line with the country’s Vision 2030.”

AFC has invested over $100 million in infrastructure projects in Egypt, comprising the Egyptian General Petroleum Corporation and Carbon Holdings – a petrochemicals conglomerate. AFC has noticed a further $600 million worth of projects across the renewables, natural gas, as well as the Transport and Logistics Sectors and anticipates to subsidize over $1billion in aggregate.

Egypt’s acquisition broadens AFC’s tinge in North Africa, after Morocco merged in June 2021. As a fellow, Egypt will bask windfalls comprising raised undertaking allotment, selected access to AFC’s structuring and lending solutions, minor debt costs for projects, and access to advisory and project development services.

The Corporation’s President & CEO – Samaila Zubairu, steered a committee of senior AFC executives for meetings in Cairo in July 2021 with senior government officials, comprising Prime Minister Madbouly and Minister of Finance Dr. Mohamed Maait, that ratified the instrument of abidance to AFC membership.

“We had several meetings with key government stakeholders in Cairo and their urgency in driving the next phase of development is consistent with AFC’s support for resilient and sustainable infrastructure that will benefit not only Egypt but the entire continent,” told Zubairu. “I look forward to working with our partners to strengthen manufacturing on the continent, in particular, the production of Covid-19 vaccines.”

For New Africa Daily News Abdul Rahman Bangura Reports,  Africa Correspondent