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Africa Finance Corporation’s Andrew Alli wins African Banker Icon Award, 2014

AFC SETS BENCHMARK FOR EXCELLENCE AND TRANSFORMATIONAL IMPACT IN AFRICA LAGOS, 22 May 2014: The African Banker has awarded Andrew Alli, President and Chief Executive Officer Africa Finance Corporation (AFC) with The African Banker Icon of the year, 2014. The ‘Icon’ category is awarded to an individual or institution for their outstanding contribution in the field of business, banking and finance. They are chosen by the African Banker awards selection committee, who noted excellence in AFC’s area of expertise - Infrastructure financing, its role in helping to change the perception of Africa, and, its contribution to the establishment of best global practice in the continent. This is a significant milestone achievement for AFC under the leadership of Andrew Alli and his management team. In according the award the Committee highlighted Andrew Alli’s significance in putting infrastructure investment in Africa on the map, having successfully led AFC through another landmark year of high returns, improved shareholder value and establishing infrastructure investment as a true asset class in and of itself. The Committee in its citation stated ” the unprecedented expansion of the AFC’s portfolio under Andrew Alli’s leadership, as well as the positive influence of new business processes and strong governance practice, are key factors in the Corporation’s success. We commend Alli’s leadership and vision in transforming a start-up operation into a structured, growing and profitable institution, setting a powerful benchmark for excellence and transformational impact in the field of infrastructure investment in Africa. Africa’s reputation in finance today is in large part owed to the achievements of leaders like Andrew Alli, and the African Banker wholeheartedly acknowledges AFC’s ongoing contribution to the economic and social development of the continent”. Previous winners of the award include: Dr Ngozi Okonjo-Iweala; Dr. Eleni Gabre-Mahdin, who successfully launched the Ethiopian Securities Exchange; Michael Joseph, founder of M-pesa; and Adebayo Ogunlesi, Managing Partner Global Infrastructure Partners and Chairman, AFC. Andrew Alli, President and CEO of the Africa Finance Corporation, in accepting the award stated “ I am both privileged and humbled to accept this award and in doing so to recognise the contribution, tenacity and commitment of my management team and the entire staff of the Africa Finance Corporation. The Corporation has been able to leverage the expertise of its professionals in originating, executing and delivering on infrastructure mandates. While international capital will be fundamental in bridging the investment divide, that capital will have nowhere to go if Africa does not focus on the development of bankable, sustainable projects. Our role is to accelerate the number of viable, bankable projects across the continent, creating the market for other forms of capital. We believe landmark transformational projects can yield equal financial and social dividends and our success to date demonstrates this. Africa Finance Corporation was established in 2007 as a public-private partnership with a vision to be the leading African financial institution, financing infrastructure development on the continent. Instrumental to the establishment of the AFC was the recognition that private sector capital and expertise was required to stimulate innovation and investment into Africa’s infrastructure. There have been many challenges on our journey, but these have strengthened and enabled us to institutionalise a strong corporate governance culture and adopt a best practice approach that we believe is central to our success today. We have grown progressively, taking a methodical approach to building the institutional strength required to address the scale of the challenge we face. We have expanded our membership base, with Nigeria, Gambia, Liberia, Sierra Leone, Guinea, Guinea Bissau, Chad, Ghana and Cape Verde joining, while we continue to attract new members as the value of our proposition becomes clearer. Our portfolio is directly aligned to the sectors we believe are most critical to Africa’s long term growth: power, natural resources, transportation infrastructure, heavy industry and telecommunications. Over the last seven years we have reviewed and financed investments of US$1.9 billion in over 22 countries across the continent from Cape Verde in the West to Kenya in the East, South Africa in the South to Morocco in the North, with our first equity investment in Main One cable in 2008 and our first debt investment in the Jubilee oil field off the West coast of Ghana in 2009. These projects are successful, attractive investments underpinned by solid economic fundamentals. Our financial stability has this year been recognised by Moody’s Investors Services, who accorded us our first international credit rating making AFC one of the highest investment grade rated multilateral financial institutions on the African continent and, a clear demonstration that Africa’s infrastructure is a sustainable, and profitable asset class globally”.

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