Africa Finance Corporation President, Andrew Alli has received an accolade known as the Champion of Finance Award for his outstanding achievement in, and lifetime contribution to, the field of Finance.
Alli, who has served as AFC President and CEO since 2008, was feted by London-based publisher, EMEA Finance for his contributions to the sustainable development of Africa’s infrastructure.
EMEA Finance stated that this has been demonstrated through projects that have transformed the continent, particularly in countries that traditional investors have typically shied away from.
Alli has previously worked for organisations that have used financial innovation and expertise to develop Africa and to unlock the continent’s vast and unrealised potential, including the International Finance Corporation, and Coopers & Lybrand, now known as PricewaterhouseCoopers (PwC).
Under Alli’s leadership, AFC has, over the last ten years, evolved from a US$1 billion start-up into an institution that is a powerful force on the continent with a balance sheet of US$4.2 billion. It currently has a membership of 20 countries, an A3 Credit rating by Moody’s Investor Services, making it the second highest rated African lending institution.
The group has also invested in various capacities in a number of landmark African projects, including a 1,786 megawatt (MW) power joint venture with Harith General Partners – Anergi Holdings, which provides electricity to 30 million people across five countries in Africa.
The AFC was also instrumental in a $205 million project to develop Alufer Mining’s Guinea-Conakry high grade bauxite reserves, the largest investment of its kind to take place in the country following the 2014 Ebola crisis that brought the country’s economy to a standstill.
“With bauxite accounting for up to 30% of the country’s exports, the impact to the population of this investment is tremendous,” the AFC said in a statement.
The organization also helped develop the $240million Main One Cable Company, which provides innovative telecommunications services, network solutions and wholesale Internet services for people and businesses in West Africa. Main One provides direct connectivity to over 10 million users, with several more millions benefitting indirectly.
“Africa faces many challenges, which impede its development. However, very few are as significant as the infrastructure deficit we see across the continent today,” Alli said, commenting on the award.
“I am humbled to have been recognised for my role in attempting to surmount these challenges, and grateful to the AFC family and shareholders, who have made all these achievements possible, for the opportunity to serve,” he added.
AFC’s Chief Investment Officer Oliver Andrews was also recognised as a Champion of Finance at EMEA Finance’s Project Finance Awards 2017.
“My passion for infrastructure stems from my deep commitment to the sustainable development of Africa. As I look back on my experiences in the sector, what I am most proud of has been the ability to demonstrate that projects in vital African infrastructure can be both bankable and have a developmental impact,” Andrews said following the announcement.
“Across Africa, we have seen a steady rise in the innovations around infrastructure financing solutions, which have gone a long way to improving Africa’s Power, transport and industrial sector to name just a few,” commented Christopher Moore, CEO and Publisher of EMEA Finance.
“Without a doubt, Oliver and Andrew, particularly through the AFC platform, have emerged over the years as being amongst the most significant actors in the infrastructure space. EMEA Finance is therefore delighted to present these very richly deserved awards,” he continued.
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 size of approximately $3.5 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa.