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Cape Verde joins Africa Finance Corporation

Lagos, 10 April, 2014 Cape Verde is the newest member of the Africa Finance Corporation (AFC). On 25 March 2014, during the inaugural Infrastructure Investment Summit of the AFC – AFC LIVE, Cape Verde signed the Instrument of Accession and Acceptance of membership of the Africa Finance Corporation. Ms Cristina Duarte, Minister of Economy and Finance, Cape Verde, on behalf of the Government of Cape Verde, in her brief remarks during the formal signing ceremony stated: “I am very pleased to formalise Cape Verde’s membership of the Africa Finance Corporation. Cape Verde and the AFC have enjoyed a very productive and collaborative relationship over the last few years. As the lead investor in Cabeolica, our award winning US$90 million 26MW commercial wind farm, we have first-hand experience of the expertise the corporation can bring to innovative projects. The Corporation's commendable track record in partnering with Governments to provide innovative financing solutions in natural resources, power, heavy industry, telecommunications and transport is validation of the value of such an international organisation, and is why Cape Verde is delighted to be joining as a member." Welcoming Cape Verde as the ninth member of the leading African Infrastructure finance institution, the AFC’s President & Chief Executive Officer, Mr. Andrew Alli, expressed AFC’s appreciation to The Republic of Cape Verde for acceding to membership of the Corporation. “AFC is delighted to have Cape Verde as the first Island State member of the Corporation. We are committed to helping Cape Verde develop its enabling infrastructure, specifically through the expansion of much needed transport infrastructure and industrial capacity, to drive sustainable economic growth.“ Mr. Alli described Cape Verde’s membership as critical in AFC’s quest to be the premier multilateral infrastructure finance institution in Africa, by driving the fast-tracking of Africa’s economic development through proactively creating, acquiring and managing infrastructure, industrial and financial assets. Cape Verde joins other African countries, notably Nigeria, Ghana, Chad, The Gambia, Guinea, Guinea-Bissau, Liberia and Sierra-Leone as member states of the AFC.

About the AFC:

  • AFC is an African-led multilateral development financial institution, established in 2007, with amission to improve African economies by proactively developing and financing infrastructure, industrial and financial assets.
  • AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa.
  • AFC’s current authorized share capital is USD2.0 billion with shareholders’ funds of USD1.28 billion and a 2014 funding programme of USD900 million.
  • AFC is one of the highest investment grade-rated multilateral financial institutions on the African continent, with an A3 (long term) /P2 (short term) foreign currency debt rating by Moody’s Investors Service. AFC’s projects: 
  • AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde. 
  • AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s USD2.0 billion Power and Aviation Intervention Fund (PAIF).
  • AFC is a partner with Vigeo Holdings Limited and Tata Power Delhi Distribution Limited for the acquisition of power distribution assets, and a lead financier in the acquisitions of the Kainji and Ughelli power generation plants in the current Nigerian Government power sector privatisation round.
  • AFC is also the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana.
  • AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity.
  • AFC provided a USD50 million convertible debt investment in ARM Cement Limited (ARM), the second largest cement operator in Kenya to support expansion initiatives across Eastern and Southern Africa including; development and construction of a lime plant in Tanzania and expansion of ARM’s cement capacity in Kenya. The transaction marked AFC’s first bilateral investment in Kenya. 
  • AFC provided financing for Ethiopian airlines fleet expansion in the acquisition of Africa’s first Boeing 777 airline.
  • AFC also invested in the Bakwena toll road project in South Africa, and in the EURO 270 million Konan Bedie Toll Bridge in Côte d’Ivoire; the signature Transport PPP project in Francophone Africa, underscoring its interest in investing in PPPs/PFIs in its focal sectors across the African continent.
  • AFC launched a landmark USD15 million project development facility with the Dutch Development Bank FMO in January 2013, to fund early-stage equity investments in projects under development pre-financial close, in the infrastructure sector across sub-Saharan Africa. • The AFC has established partnerships with national, regional and international organizations and with sponsors that are active in the infrastructure space in Africa.

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