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Liberia joins Africa Finance Corporation

Liberia is the newest member of the Africa Finance Corporation (AFC). On 10 June, 2009, Liberia signed the Instrument of Accession and acceptance of membership of the Africa Finance Corporation.

President Ellen Johnson Sirleaf welcomed the operations of AFC as "a development that was long overdue for Africa. This continent has been in need of an international organisation of this calibre, driven by capable African professionals that will make the advancement of African infrastructure a priority.

This visit by the AFC and the corporation's strong support for Liberia is validation of the value of such an international organisation, and is why Liberia is pleased to be joining as a member." Welcoming Liberia's membership of the Pan-African investment bank and development finance institution, the AFC's Chief Executive Officer, Mr. Andrew Alli, expressed AFC's appreciation to The Republic of Liberia for acceding to membership of the Corporation. 'AFC is delighted to have Liberia as a member of the organisation.

We are committed to helping Liberia develop its infrastructure, specifically through the expansion of much needed power to drive economic growth for sustainable development." Mr Alli described Liberia's membership as critical in AFC's quest to be the World's leading Pan African investment bank, by driving the fast tracking of Africa's economic development through proactively creating, acquiring and managing infrastructure, industrial and financial assets. Liberia joins other African countries, notably Nigeria, Guinea-Bissau, Gambia and Sierra-Leone as members of the AFC. AFC and the Government of Liberia have signed a Memorandum of Understanding for the implementation of an Emergency Power Project.

The Honourable Eugene Shannon, Minister of Lands, Mines and Energy said 'AFC will make a significant investment in helping Liberia deliver power to the people and businesses of Liberia, and, developing African industrial capacity'.

The Africa Finance Corporation (AFC) is an African led financial institution with the mission to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets. Among other projects, AFC is a lead investor in the $240 million African led submarine Main-One Fibre Optical Cable System - that will provide much needed telecommunications capacity in West Africa.

For more information, contact, Dr Adesegun Akin-Olugbade, Africa Finance Corporation (Tel: +234 1 279 9600, e-mail: adesegun.akin-olugbade@africafc.org)

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