The famous African businessman and Philanthropist Tony Elumelu has asked the Africa Finance Corporation (AFC) to strengthen its commitment to identify and support infrastructure projects that offer long -term scale, impact and relevance in the entire continent.
Speaking recently on the day of the Finance Corporation of Africa (AFC) in London, Elumelu emphasized the crucial role of the institution in the acceleration of Africa's development.
“I feel achieved to see what you are doing,” Elumelu said, recommending the progress of the AFC. “But he urges him to continue identifying and catalyzing projects that can really transform Africa. We need initiatives that create jobs, generate inclusive growth and improve lives.”
He highlighted the improvement of AFC credit qualifications and recognized its catalytic role in supporting the private sector, including companies led by their own companies. Elumelu, who presides over Transcorp Group, cited key infrastructure agreements in the energy and energy sectors where the support of the AFC had proven to be vital.
“In the electricity sector, access to electricity is essential for the transformation of Africa,” he said. “Our initial investment received $ 120 million in support from the AFC. It was critical at that time, and I am proud to say that it was completely reimbursed. Later, we made an energy transaction of $ 1.1 billion, and AFC intervened again with $ 150 million in financing.”
He requested continuous and expanded support to private sector players throughout the continent, praising signature agreements backed by AFC with companies such as Dangote Group. “Without AFC, many of these projects may not have been completed,” Elumelu said. “Well done. Let's point to even more successes in the next decade.”
Founded in 2007, Africa Finance Corporation is a Pan -African multilateral development institution created by sovereign African states to address the continent infrastructure gaps. With investments greater than $ 11.5 billion, the AFC focuses on five key sectors: energy, transport and logistics, natural resources, telecommunications and heavy industries. Its shareholders include African financial institutions, private investors and central banks of 40 Member States.
Elumelu's message underlines the importance of public-private collaboration in the unlocking of Africa's economic potential and satisfying the infrastructure needs of its rapid population.
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