Egypt: The Africa Finance Corporation (AFC) plans to finance a range of projects worth over $1 billion in key sectors like renewable energy, natural gas, heavy industries, technology, telecommunications, Bank and finance

The Africa Finance Corporation (AFC) provides financing for a range of projects worth over $1 billion in key sectors in Egypt. The information comes from a press release published by the organization on Tuesday March 7.

These funds will be used to build essential infrastructure in the areas of renewable energy, natural gas, heavy industry, technology, telecommunications, banking and finance. The news comes on the back of the North African country officially joining the institution as a sovereign shareholder.

“As the largest economy in North Africa, Egypt’s investment paves the way for other countries and investors in the region to join AFC shareholders and use its platform to boost regional trade and co-investment opportunities,” the prospectus states.

Egypt’s membership of AFC further diversifies the equity investor base of the growing institution. According to the briefing note, “Egypt’s capital commitment and its imminent representation on the AFC Board of Directors reinforces the pan-African distribution of shareholders and the diversity of the Board of Directors and the management of the company. Company “.

The initiative follows several countries and institutions joining in 2022. These include Sierra Leone, the Democratic Republic of Congo, Côte d’Ivoire, the Public Investment Corporation of South Africa and the Mauritius and Seychelles pension funds as sovereign shareholders, joining Ghana, Gabon, Togo and Guinea.

It should be noted that Egypt’s membership of the AFC brings the number of member states to 39, to which are added development finance institutions and institutional investors.