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Publish Date : 05-Sep-2013

The Africa Finance Corporation (AFC) has secured a $60 million facility from the German development finance institution -Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG) and the Netherlands Development Finance Company (FMO). The DEG-led long-term facility features two sub-facilities of $30 million from each institution.

Also, the facility was secured with a technical assistance programme from the DEG to facilitate the AFC's environmental and social risk management processes.

A multilateral finance institution, AFC's main aim is to supporting filling a critical void in offering project structuring expertise as well as risk capital to cater to the requirements of Africa's infrastructure development.

The President and Chief Executive Officer, AFC, Mr. Andrew Alli, said, "The AFC is pleased to announce that following completion of a rigorous due diligence process by a joint team from DEG and FMO, this facility will be utilised for on-lending to infrastructure projects in Africa."

Alli added, "Apart from the liquidity that this transaction provides, the line of credit is of strategic importance to AFC, as it comes with a technical assistance programme to support our environmental and social risk management system; a key pillar in helping to deal with risks often found in our core sectors. The facility also deepens our relationship with two key strategic partners."

The Chairman of the DEG's Management Board, Bruno Wenn, stated that through DEG's support, the AFC will be able to further finance the expansion of infrastructure all over West Africa, essential for the development of private sector. Wenn said, "We are pleased that DEG is able to provide this important financing together with our cooperation partner FMO, thereby forging a strategic partnership aimed at Africa's economic development."

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