The African Finance Corp. (AFC) has earmarked $1.5 billion for a slew of development projects to be carried out across the country in 2020, The National reported Tuesday.
The projects span the power, transportation and logistics, heavy industries, natural resources, and telecommunications sectors, core areas of investment for AFC, said Samaila Zubairu, president and chief executive of the AFC, at an African Investment Summit.
The investments are part of a $7 billion pipeline of projects scheduled to take place throughout Africa.
Zubairu said AFC already has carried out about $1 billion of investment this year.
The financial institution was established in 2007 to boost private sector–led infrastructure investment across the continent. Since then, it has deployed $6.6 billion in investments across a diverse variety of sectors.