COVID-19 has changed the financing needs of businesses across the continent as they adapt to the pandemic. It has also highlighted key infrastructure needs. The Africa Finance Corporation (AFC) – a pan-African multilateral development finance institution – needed extra financing to enable growth in strategic sectors and help keep businesses afloat.
Our Solution & Impact
The U.S. International Development Finance Corporation (DFC) is providing a loan of up to $250 million to the AFC. This financing will allow AFC to continue serving new and existing borrowers across the continent as a low-cost source of financing. With DFC support, the AFC will prioritize investments in energy, telecommunications, transportation, and other critical infrastructure.
“We believe that players such as the DFC will likely be key to the mobilization and channeling of capital into the African infrastructure and industrial space, particularly in a post COVID-19 world and we look forward to working with you to achieve this.”
Somalia Zubairu, Africa Finance Corporation President & CEO