Saturday, August 2, 2025
23.6 C
Lagos

Africa Finance Corp Secures $150m Loan from German Bank

In a statement published on June 22, Africa Finance Corporation (AFC) announced it has obtained a $150 million loan from the German bank KfW, to finance infrastructure projects in Africa.

The agreement related to the loan, repayable over 15 years, was signed in London by AFC’s CEO, Andrew Alli, and KfW’s infrastructure division’s head, Jan Martin Witte.

“Not only will this loan facility from KfW add valuable capital to our finance reserves but the 15-year tenor period is particularly suited to funding the long-term, large-scale infrastructure projects that are so needed across Africa,”said Andrew Alli, cited in the statement.

AFC is multilateral financial institution established in 2007 with an initial capital of $1.1 billion and whose mission is to mobilise investments for Africa’s infrastructure sector.

Its shareholders are the Central Bank of Nigeria (42.5%), other African commercial banks like Ecobank, United Bank of Africa and First Bank of Nigeria (47.6%) and other investors (9.8%).

Overall, the institution has mobilised $2.5 billion of investment for Africa.

spot_img
spot_img

Hot this week

NCDMB Leads Push for Homegrown Talents at Chevron-funded HCD Graduation

The Nigerian Content Development and Monitoring Board has reaffirmed...

Linkage Assurance Reports 50% Revenue Growth in 2024

L-R: Funkazi Koroye-Crooks, Non-Executive Director; Moses Omoregbe, Company Secretary;...

Heirs Insurance Unveils Creators Fellowship, Partners with Influencers to Drive Insurance Literacy

L-R: Joseph Onaolapo (Jay On Air), Oluwadamilola Bello (Dammy B) As...

Two NCDMB Leaders Bag Doctorate Degrees at UNIPORT Convocation

Two senior officials of the Nigerian Content Development and...

Sovereign Trust Insurance Reports 109% Insurance Revenue Growth in 2024

Sovereign Trust Insurance Plc recently released its 2024 audited...

Topics

NAICOM Orders African Alliance Insurance to Fulfill Obligations or Face Regulatory Action

The National Insurance Commission (NAICOM) has ordered African Alliance...

NDIC CEO, Bello Hassan, Hosts EFCC Chair, Bawa in Abuja

L-R Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC),...

ADB Report: ‘Poverty, Inequality Growing in Africa’

African economies have grown substantially over the past decade,...

MTN Nigeria Earns Investors in People Platinum Accreditation

MTN Nigeria Communications Plc has announced that following an...

NCC to Accelerate Deployment of Emerging Technologies

The Executive Vice Chairman (EVC) of the Nigerian Communications...

Anchor Insurance CEO, Austin Ebose, Savours Insurance CEO of the Year Award

Mr. Austin Ebose, Managing Director/CEO, Anchor Insurance Company Limited...
spot_img

Related Articles

Popular Categories

spot_imgspot_img