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Africa’s spiraling infrastructure needs are prompting one of the continent’s key development finance institutions to seek out backing from beyond the region.
Africa Finance Corp., which already counts 31 nations, or more than half the continent, as members, is looking to bring new shareholders on board as part of a strategy to deliver fast-track growth.
In a joint interview, AFC Chief Investment Officer Sameh Shenouda and Sanjeev Gupta, its executive director for financial services, said the bank is courting sovereign entities in the Gulf and Europe to widen the scope for funding an infrastructure shortfall that it estimates at as much as $170 billion across Africa each year.
(Bloomberg) Africa’s spiraling infrastructure needs are prompting one of the continent’s key development finance institutions to seek out backing from beyond the region.
Africa Finance Corp.
Gulf fund courted as Africa runs $170bn infrastructure gap moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.
L AFC passe à l offensive des fonds souverains du Golfe et d Europe financialafrik.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialafrik.com Daily Mail and Mail on Sunday newspapers.
Africa Finance Corporation, a pan-African infrastructure bank, plans to shift its energy portfolio towards greener projects in a bid to attract greater interest from institutional investors, according to its new chief investment officer.
Sameh Shenouda, who on Monday will join the Lagos-based bank from Blackstone-owned energy group Zarou, said the AFC board had agreed to a plan to bundle new and existing solar, wind and hydro projects in several African countries into a new unit, with combined generating capacity of 1-2 gigawatts of renewable energy. That unit could eventually be separated out and floated on the London Stock Exchange, he said.