Zambia has become the first Southern African member country of AfricaFinance Corporation (AFC), a leading development finance institution for infrastructure in Africa. The accession of Zambia to AFC membership marks a significant milestone in the Corporation’s mission to address Africa’s infrastructure needs and build the foundation for robust economic development across the continent.
To date the Corporation has invested $4.5 billion in projects across 28 African countries and in a wide range of sectors including power, telecommunications, transport and logistics, natural resources, and heavy industries.
Zambia’s membership accession supports AFC’s membership expansion strategy and the continued alignment of its country membership with its operational footprint. Zambia, which signed its letter of adherence on October 11, 2017, becomes the 16th member country of AFC. AFC’s other members are: Nigeria, Guinea Bissau, Ghana, Sierra Leone, Gambia, Liberia, Guinea, Chad, Cape Verde, Gabon, Côte d’Ivoire, Rwanda, Uganda, Djibouti and Kenya. Andrew Alli, CEO of AFC, commented on the announcement: “We are excited to welcome Zambia as the first Southern African member country of AFC. We believe that investment in, and sustainable delivery of infrastructure in “land-linked” Zambia, will accelerate intraregional trade and lead to stronger economic development and growth in Southern Africa in particular and Africa in general. This goal can only be achieved if adequate transport, power, telecommunications, and industrial infrastructure are available and are functional. This is where AFC steps in, and we are excited by the challenges and opportunities that lie ahead”.
AFC already has a large presence in Zambia. To date, the Corporation has invested over $150 million in various projects in the power and downstream oil sectors. The Corporation has also provided trade finance to the Ministry of Finance for the importation of co-mingled oil products for processing into refined petroleum products. Speaking on the announcement, Hon. Felix Mutati, the Minister of Finance noted, “Over the years, AFC has shown its strong commitment towards infrastructure and economic development in Zambia. Today, we are happy to formally accept the invitation to join the membership of AFC. We look forward to greater engagement with the Corporation and their continued support in the delivery of signature infrastructure projects in Zambia.”