NAIROBI, Kenya has become a member of Africa Finance Corporation (AFC), a pan-African multilateral development finance institution established in 2007 to bridge Africa’s infrastructure investment gap through the provision of debt and equity finance, project development, technical and financial advisory services.
Kenya is the AFC’s 15th member State and the third East African member after Rwanda and Uganda. The other member counties of the AFC, which is majority-owned by private sector investors, are Cape Verde, Chad, CAte d’Ivoire, Djibouti, Gabon, Gambia, Ghana, Guinea-Bissau, Guinea;,Liberia, Nigeria and Sierra-Leone.
A statement issued by the AFC here Thursday notes that Kenya is one of the largest economies on the continent and has long been a regional hub for East Africa, its pivotal geographical location at the intersection between East and South making it a commercial centre bridging the two sub-regions.
As one of largest financiers and developers of infrastructure in Africa, the AFC says it is perfectly placed to help improve the quality of Kenya’s infrastructure, enabling the country to capitalize on its strategic position and strong growth prospects.
I am very pleased to welcome Kenya to AFC. Kenya’s membership is a critical step to achieving our goal of developing high quality infrastructure across the whole of Africa and driving positive economic growth on the continent, the statement quotes Andrew Alli, the AFC chief executive officer, as saying.
The AFC already has a large presence in Kenya and Dye and Blair Investment Bank, a Kenyan investment firm, is a founding shareholder of the corporation.
Furthermore, the AFC, through its flagship joint venture with Harith General Partners, which combines both companies’ energy assets into one portfolio, the AFC has a vested interest in the Lake Turkana Wind Farm, which provides Kenya with approximately 15 per cent of its installed energy capacity.
Source: NAM NEWS NETWORK