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The OPEC Fund for Worldwide Development (the OPEC Fund) and Africa Finance Company (AFC) (www.AfricaFC.org) have signed a US$50 million mortgage settlement to finance the event of infrastructure essential to financial development and job creation throughout the continent.
The proceeds of the 10-year mortgage will probably be used to enhance connectivity, transport, logistics, commerce and to spice up entry to power throughout the African continent. The mortgage doubles the OPEC Fund’s dedication to AFC following an preliminary US$50 million 10-year mortgage supplied in January 2021, and builds on collaboration initiated via a cooperation settlement in 2017. The mortgage is aligned with the United Nations Sustainable Growth Purpose (SDG) 9 – Innovation and infrastructure, and SDG 17 – Partnerships.
“Africa continues to be a key area for the OPEC Fund, with greater than 45 % of our combination financing devoted to the continent,” mentioned OPEC Fund Director-Basic Dr. Abdulhamid Alkhalifa. “Sustainable infrastructure growth is essential to unlock Africa’s huge potential and allow it to totally make the most of its assets. Working with native companions on the bottom comparable to AFC helps to deepen our influence and help Africa’s growth agenda.”
AFC President & Chief Govt Officer Samaila Zubairu mentioned: “AFC has loved a long-standing partnership with the OPEC Fund and we’re delighted to collaborate once more to help the work we do in growing essential infrastructure in Africa. Developed and growing international locations alike are battling the continual challenges introduced on by a wave of worldwide shocks, and these challenges will solely be solved by working collectively via partnership and engagement between the world’s main finance establishments.”
Africa’s financial development has been slowed by world provide chain disruptions and rising prices within the aftermath of the COVID-19 pandemic, additional widening the continent’s infrastructure funding hole. The collaboration between the OPEC Fund and AFC is focused at growing entry to long-term sustainable finance for infrastructure initiatives.
AFC is a multilateral monetary establishment with 39 member international locations, established to supply financing and personal sector-driven options for infrastructure in key sectors together with energy, transport, heavy industries, telecommunications, and pure assets. Thus far, AFC has invested over US$11 billion in initiatives throughout 36 African international locations.
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