The African Development Bank has invested $50m in Africa Finance Corporation to enhance capacity development on the continent.
AfDB’s investment helps both institutions to accelerate infrastructure development and delivery on the continent by deepening co-financing opportunities, joint implementation, knowledge transfer and capacity development for the benefit of Africa.
A statement from the corporation, which disclosed this, stated that the addition of the AfDB as a shareholder and development finance institution member of the corporation complements its strategy of addressing Africa’s infrastructure deficit with the AfDB’s stated mission to help reduce poverty, improve living conditions for Africans and mobilise resources for the continent’s economic and social development.
The statement said, “The equity investment in AFC further broadens AFC’s shareholder base, and follows recent equity investments in AFC from African Re-Insurance Corporation and the Republic of Ghana.
“As part of the equity investment, AfDB will have representation on the AFC Board of Directors.”