ASMARA, Eritrea-Thursday 5 December 2019 [ AETOS Wire ]
(BUSINESS WIRE)--
Africa Finance Corporation (“AFC” or “the Corporation”) is pleased to
announce the accession of the State of Eritrea (“Eritrea”) as its 24th member state. This decision was ratified by His Excellency, Isaias Afwerki, President of Eritrea, on 6 November 2019.
Eritrea
has experienced stable growth; driven by increased investment in the
mining and extractive sectors, with an expectation to deliver an average
annual GDP growth rate of circa 4-5% between 2019 and 2024. The
country’s economic growth strategy highlights a focus on scaling up
infrastructure investments, specifically water and energy, to promote
agricultural and industrial transformation. Additionally, the government
is committed to improving the mining sector through a natural resource
planning strategy.
AFC,
in line with its mandate, has committed to provide financing to the
Colluli Mining Share Company for the development and construction of the
Colluli Potash Project in the Danakil Depression region of Eritrea.
Successful execution of this project will make significant contributions
to exports, employment, agricultural productivity, and overall social
and economic development of the country.
AFC
President and CEO, Samaila Zubairu, commented on the announcement: “It
is my pleasure to welcome Eritrea as a member state of AFC. The
government’s efforts at prioritising infrastructure investments bodes
well for the country and we are committed to supporting Eritrea’s
economic development programmes.”
Notes to Editors
About AFC - www.africafc.org
AFC,
an investment grade multilateral finance institution, was established
in 2007 with an equity capital base of US$1 billion, to be the catalyst
for private sector-led infrastructure investment across Africa. With a
current balance sheet of approximately US$5.07 billion,
AFC
is the second highest investment grade rated multilateral financial
institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s
Investors Service. AFC successfully raised US$650 million in 2019,
US$500 million in 2017 and US$750 million in 2015 through Eurobond
issuances; out of its Board-approved US$3 Billion Global Medium-Term
Note (MTN) Programme. All Eurobond issues were oversubscribed and
attracted investors from Asia, Europe and the USA.
AFC’s
investment approach combines specialist industry expertise with a focus
on financial and technical advisory, project structuring, project
development and risk capital to address Africa’s infrastructure
development needs and drive sustainable economic growth. AFC invests in
high-quality infrastructure assets that provide essential services in
the core infrastructure sectors of power, natural resources, heavy
industry, transport, and telecommunications. To date, the Corporation
has invested over US$6.6 billion in projects within 30 countries across
Africa.
Follow us on Twitter - @africa_finance
View source version on businesswire.com: https://www.businesswire.com/news/home/20191203005841/en/
Contacts
Lucy Savage
Senior Vice President, Communications
Tel: + 234 1 279 9600
Email: lucy.savage@africafc.org
Buchanan Communications
Bobby Morse / Augustine Chipungu
Tel: +44 (0) 207 466 5000
Email: afc@buchanan.uk.com
