• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

AFC to raise almost $1 billion for Africa Infrastructure Plans

1 year ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
59
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

AFC to raise almost $1 billion for Africa Infrastructure Plans

Africa Finance Corp. is looking to raise almost $1 billion in the first half of 2024 to support industries and resilience against climate change as it readies for the next growth phase across the continent.

The Lagos-based institution plans to close financing for its inaugural $750 million Infrastructure Climate Resilient Fund in the second quarter, Chief Executive Officer Samaila Zubairu said. The fund has attracted additional $140 million and expects to lure more investors before the closure, he said. That’s in addition to a $1.26 billion syndicated loan it raised in March to develop critical infrastructure.

“This year, we are focused on the beginning of our next five-year plan and that is really about how to double our impact on the continent,” Zubairu said in an interview on Bloomberg Television with Jennifer Zabasajja. Food security is an area that the lender wants to look at “more seriously” together with climate, he said.

The AFC will focus on developing the continent’s production capacity, including harnessing huge mineral and solar potential, and processing agricultural raw materials for local consumption and export, Zubairu said.

It is in talks with officials in Gulf nations to expand bilateral trade, which will see African countries export agricultural and mineral inputs to industries in the Middle East, he said.

“For most Gulf countries, they should be looking at how to capture more value, and by that you could see an extension of their supply chain into Africa,’ the CEO said. “Most African countries have a clear path for growth now and they’re beginning to understand that there’s need for us all to focus on how to create more jobs.”

RelatedPosts

Foreign Capital Inflows Into Banking Sector Hit Five-Year High in 2024

Electricity is Getting Cheaper Across Africa

Summary of Events Following Confirmation of Deaths of Defence and Environment Ministers, Six Others in Military Helicopter Crash

Poor transport and energy infrastructure has hampered the economies of most African nations, as has inadequate processing capacity to extract value from abundant raw materials. The situation is exacerbated by climate change, with flooding and droughts plunging more people into abject poverty. A McKinsey & Co. analysis in 2020 estimated the pipeline of infrastructure projects across all asset classes to be completed by 2025 at $2.5 trillion.

The AFC’s climate fund plans to address some of the challenges. It attracted $240 million from the Green Planet Fund and some finance from the Nigerian Sovereign Investment Authority, Zubairu said, adding that it is targeting more funding from pension funds in South Africa and some European development finance institutions he didn’t identify.

Founded in 2007, the AFC is owned by African governments, banks and private equity funds. It has invested more than $12.7 billion in energy, logistics and exploration industries in 36 African countries, according to its website.

Tags: AFCAFC to raise almost $1 billion for Africa Infrastructure PlansAfrica Infrastructure Plans
No Result
View All Result

Highlights

FDI Rises to 3-Year High as Reforms Boost Investor Confidence

Togo is Flexing its Unrivaled Maritime Power

Parliament Expresses Grief Over Death of Ministers, MP and 6 Others in Military Helicopter Crash

GSE Composite Index Up 46.51% YTD as Market Capitalization Hits GHS 147.91 Billion

Global Financial Bias Costs Africa $75 Billion Annually

GFA President.Set to Visit Gold Stars, Asante Kotoko, and Police Ladies to Strengthen CAF Campaigns

Trending

Features

Foreign Capital Inflows Into Banking Sector Hit Five-Year High in 2024

August 7, 2025

Foreign Capital Inflows Into Banking Sector Hit Five-Year High in 2024 Foreign capital inflows into Nigeria’s banking...

Electricity is Getting Cheaper Across Africa

August 7, 2025

Summary of Events Following Confirmation of Deaths of Defence and Environment Ministers, Six Others in Military Helicopter Crash

August 7, 2025

FDI Rises to 3-Year High as Reforms Boost Investor Confidence

August 7, 2025

Togo is Flexing its Unrivaled Maritime Power

August 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.