Africa Finance Corp. (AFC) has secured a $250 million tier-2 capital loan from the U.S. International Development Finance Corp. (DFC) to strengthen AFC’s investment capacity and help close Africa’s infrastructure deficit.
Formed in December 2019, DFC is the U.S. government’s development bank established with a lending capacity of up to $60 billion to provide financing solutions for critical challenges facing the developing world.
AFC has partnered with the United States on several infrastructure initiatives, such as the Power Africa initiative, and regularly receives investments from U.S. investors in its Eurobond issuances, according to Samaila Zubairu, president and CEO of AFC.
“This announcement therefore marks a natural evolution as the U.S. government seeks to play a greater role in Africa’s development by establishing a dedicated DFI,” noted Zubairu. “Crucially, this funding will also ensure the corporation is able to continue fulfilling its