US$2bln facility geared to African banks and FIs
KAMPALA– The Africa Finance Corporation (AFC) will on Thursday this week in a webinar present the US$2billion facility to provide African banks and financial institutions [FIs] with liquidity to support Africa’s economic recovery.
The facility, dubbed the “African Economic Resilience” initiative, will be disbursed via loans from AFC to commercial banks, regional development banks and central banks in various African countries, providing them with hard currency liquidity to finance trade and other economic activities in their various jurisdictions.
With the financing facility, these institutions will be able to leverage AFC’s proven access to global funding to access financing at competitive rates, organisers say.
“We are determined to play a leading role in shaping the continent’s recovery and resilience, not only though the work we do in bridging Africa’s infrastructure gap, but also through targeted interventions such as this US$2 billion economic resilience facility,” said Banji Fehintola Head of Treasury and Financial Institutions, AFC.
As part of the webinar presentation, AFC Chief Economist, Rita Babihuga-Nsanze will provide a short presentation to highlight the impact recent crises have had, the funding needs of the continent and the role banks can play in supporting a rapid recovery.
Meanwhile, organisers say the Infrastructure Solutions Summit will bring about concrete solutions to some of the most pressing issues on the continent. The programme will provide unique networking opportunities to help forge partnerships that will help Africa overcome historical development challenges, once and for all.
AFC was established in 2007 to catalyse private sector-led infrastructure investment across Africa. It is the second-highest investment grade rated multilateral financial institution in Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has invested over US$9.3 billion in projects in 35 countries across Africa since its inception.
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