Mauritius has become the 23rd member state of Africa Finance Corporation (AFC), Africa’s leading investment grade, infrastructure solutions provider.
Commenting on the development, the Corporation stated that Mauritius has continued to register impressive economic progress across the board, including a near fivefold increase in its GDP per capita in the last 30 years. Additionally, it is consistently one of the highest-ranking countries in Africa in the UN’s Human Development Index.
The AFC is an investment grade multilateral finance institution that was established in 2007 with an equity capital base of $1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet of approximately $4.5 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa
As the Mauritius strives towards moving from a mid-income to a high-income country, its strategy, titled ‘Achieving the Second Economic Miracle’, places a high emphasis on infrastructure investment, with a particular focus on three of AFC’s sectors on investment: power, transport and logistics.
Following its accession to the membership of AFC, the Corporation will engage the Mauritian authorities and private sector players on how the country can best contribute towards developing the its infrastructure, leveraging AFC’s award-winning approach to deliver high quality, sustainable infrastructure projects.
Organisations such as the Mauritius Africa Fund (MAF), SBM Group and AFC are in discussions currently with regards to the establishment of an Africa-focused infrastructure and industrialization fund (the Fund). The Fund, a Mauritius initiative, will seek to collaborate and mobilize funds from key institutional investors for investment in crucial infrastructure projects and facilitate the setting up of special economic zones across the African continent.
“We are pleased to welcome Mauritius as a Member State of AFC,” commented Samaila Zubairu, President and CEO of the AFC.
“Through its commitment to promoting private sector-led solutions for its development challenges, Mauritius presents an excellent partnership opportunity for AFC’s mandate to develop and finance infrastructure, natural resource and industrial assets for enhanced the productivity and economic growth of African states. We look forward to significantly contributing to Mauritius’s growth story,” Zubairu said.