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Africa Re joins African Finance Corporation

Africa Re joins African Finance Corporation

African Reinsurance Corporation (Africa Re) has become the first multi-lateral financial institution to invest in Africa Finance Corporation as it becomes a member of AFC – the  pan-African multilateral development finance institution.

With approximately 107 insurance/reinsurance companies and non-African strategic investors in 41 African states, Africa Re, is one of the continent’s premier reinsurance corporation.

Andrew Alli,  the out-going President and CEO of AFC commented: “We welcome African Reinsurance Corporation (Africa Re) as a member and shareholder of AFC. As the first multilateral financial institution to become a member of AFC, this is a key milestone for us, as the Corporation seeks to further diversify its shareholding. We are, therefore, pleased to welcome Africa’s premier reinsurance corporation into membership of AFC and look forward to collaborating with Africa Re to provide innovative solutions to the development and financing of infrastructure assets in Africa.”

In recent months, AFC has grown its country membership in Francophone, East and Southern Africa, with the accession in 2017 of Benin, Kenya and Zambia, respectively. AFC now seeks to consolidate this success by further expanding its shareholder base. 

 “As a Corporation with both private and public shareholders, we see many synergies with AFC in the pursuit of African continent development agenda as well as business growth. Indeed, we have long admired AFC, and the transformative impact it has made across many of the geographies in which we operate, whilst delivering competitive returns. We are therefore delighted to become a part of one of Africa’s best success stories,” said Corneille Karekezi, Group Managing Director & Chief Executive Officer of Africa Re, following the signing ceremony which took place in Lagos, Nigeria on Thursday 1 February.

To date, AFC  has invested approximately US$4 billion in projects within 28 countries across North, East, West and Southern Africa.

The Africa Finance Corporation an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet size of approximately US$3.5 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service.

AFC successfully raised US$750 million in 2015 and US$500 million in 2017; out of its Board-approved US$3 Billion Global Medium Term Note (MTN) Programme. Both Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA. 

The Corporation’s  investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.

To date, AFC  has invested approximately US$4 billion in projects within 28 countries across North, East, West and Southern Africa.

 

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