The African Development Bank (AfDB) has invested $50-million towards equity in the Africa Finance Corporation (AFC).
The investment will enable both institutions to accelerate infrastructure development and delivery on the African continent, by deepening co-financing opportunities, joint implementation, knowledge transfer and capacity development.
AfDB will have representation on the AFC board of directors.
The equity investment further broadens AFC’s shareholder base, and follows recent equity investments in AFC by Africa Re-Insurance Corporation and the Ghanaian government.
AfDB president Akinwumi Adesina said the development to become a shareholder in AFC came as a natural evolution in the institutions’ partnership.