The Africa Finance Corporation (AFC), a leading investment institution that seeks to boost development across the continent, has signed Zambia as one of its Member States. Zambia now becomes the first Southern African member country of the AFC.
The Corporation has said that Zambia’s accession to member status marks a significant milestone in its mission to address Africa’s infrastructure needs and build a foundation for robust economic development across the continent.
To date, the Corporation has invested $4.5 billion in projects across 28 African countries and in a wide range of sectors including power, telecommunications, transport and logistics, natural resources, and heavy industries.
The Corporation said in a statement this week that Zambia’s membership accession supports an ongoing expansion strategy and the continued alignment of its country membership with its operational footprint.
Zambia, which signed its letter of adherence on October 11, 2017, becomes the 16th member country of the AFC. AFC’s other members include Nigeria, Guinea Bissau, Ghana, Sierra Leone, Gambia, Liberia, Guinea, Chad, Cape Verde, Gabon, Côte d’Ivoire, Rwanda, Uganda, Djibouti and Kenya.
“We are excited to welcome Zambia as the first Southern African member country of AFC,” said AFC Chief Executive Officer, Andrew Alli.
“We believe that investment in, and sustainable delivery of infrastructure in land-linked Zambia, will accelerate intraregional trade and lead to stronger economic development and growth in Southern Africa in particular and Africa in general. This goal can only be achieved if adequate transport, power, telecommunications, and industrial infrastructure are available and are functional. This is where AFC steps in, and we are excited by the challenges and opportunities that lie ahead,” he continued.
The AFC already has a large presence in Zambia. To date, the Corporation has invested over $150 million in various projects in the power and downstream oil sectors. The Corporation has also provided trade funding to the country’s Ministry of Finance for the importation of co-mingled oil products.
“We look forward to greater engagement with the Corporation and their continued support in the delivery of signature infrastructure projects in Zambia,” said Zambia Minister for Finance, Felix Mutati.