Burkina Faso, DRC and Morocco become newest members of AFC

The Africa Finance Corporation (AFC) has recently welcomed Burkina Faso, the Democratic Republic of Congo, and Morocco as its newest members, surpassing 30 member states and representing more than half of the African continent. This significant milestone was highlighted in a recent interview with Samaila Zubairu, the President and CEO of AFC, who discussed the importance of the new memberships and the benefits member states receive. The AFC's core mandate is to address Africa's infrastructure deficit and challenging operating environment by developing and financing assets that enhance productivity and economic growth across African states. With a focus on sectors like energy, transport, natural resources, heavy industries, and telecoms, the AFC plays a crucial role in driving job creation and building industries on the continent. As Africa continues to navigate the economic impact of the COVID-19 pandemic, the AFC's funding activities have become more vital than ever. Despite the challenges posed by the pandemic, AFC remains committed to investing in infrastructure projects and supporting African countries in their recovery efforts. With over $8.7 billion invested across 35 countries, AFC's resilient credit profile has been recognized by Moody's investor service, which recently upgraded AFC's rating to stable, reflecting its strong financial strength amidst the pandemic. This rating upgrade not only enhances AFC's access to funding markets but also reduces its borrowing costs, making it more cost-effective for the institution to support critical infrastructure projects. One of the key opportunities that AFC is exploring is the energy transition in Africa. By leveraging the continent's abundant mineral resources, AFC aims to promote sustainable development and value addition in the production of electric vehicles and other clean energy solutions. The commissioning of industrial zones for manufacturing electric vehicles and bikes demonstrates AFC's commitment to driving innovation and sustainability in Africa's industrial sector. As AFC continues to expand its membership and investment portfolio, the institution remains at the forefront of mobilizing capital for infrastructure development and job creation across the continent. The addition of Burkina Faso, the Democratic Republic of Congo, and Morocco to the AFC signals a growing commitment to African-led solutions to address the continent's most pressing challenges. With a strategic focus on enhancing productivity, fostering job creation, and building resilient industries, AFC is poised to play a vital role in Africa's economic recovery and sustainable development.