Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has signed a MoU with Moroccan bank Banque Centrale Populaire (BCP) to increase collaboration on financing vital infrastructure projects in North and Sub-Saharan Africa.
BCP Chairman and Chief Executive Officer Mohamed Benchaaboun, visited the AFC offices in Nigeria last Thursday for the signing of the agreement.
AFC, which successfully concluded a debut US$750 million Eurobond issue in May 2015, proactively finances and develops much-needed infrastructure projects across the continent, including in North Africa.
To date the Corporation has invested over US$4 billion across 26 African countries in various sectors, including power, telecommunications, transport and logistics, natural resources, and heavy industries.
Commenting on investment prospects in Africa, Andrew Alli, CEO of AFC, said: “Africa’s huge infrastructure investment gap is estimated to be approximately US$90 billion every year for the next decade. While the need for financing is acute, strong returns for investors exist in African infrastructure.
“Partnerships such as these open up Africa’s infrastructure opportunity to more international investors and the sharing of expertise will contribute to devising innovative financing solutions for the infrastructure projects that will drive Africa’s economic growth in the future.”
AFC, along with various development partners, recently launched the Africa Infrastructure Development Association to be the voice of the private sector project developer community.
The initiative recognises the importance of mutual collaboration to bring about successful financing and project development solutions for infrastructure projects across the continent.
BCP is a Morocco-based bank engaged in the provision of financial products and services. Its portfolio includes accounts, cards, credit facilities, insurance and investment management. Its products are targeted at individuals, professionals and businesses.