Monitoring Desk
VIENNA: Africa Finance Corp. (AFC) and the OPEC Fund for International Development have inked a $50 million loan deal to sponsor the development of infrastructure vital to economic progress and job creation across Africa, the UAE media reported on Sunday.
OPEC Fund and AFC
According to Emirates News Agency the Africa Finance Corp. is a multilateral financial organization with 39 member states. It was started to provide investment and private sector driven setup solutions in main sectors including transportation, power, telecommunications, heavy industries, and natural resources.
The loan will be utilized to enhance connectivity, logistics, transportation, energy and trade access across the continent.
Director General Dr. Abdulhamid Alkhalifa said that the continent of Africa “continues to be a main region” for the fund, “with over 45% of our aggregate financing dedicated to it”.
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The CEO of AFC Samaila Zubairu said the corporation “has a long-term partnership” with the OPEC fund, “and we are pleased to cooperate again to back the work we do in developing vital infrastructure in the continent.
The Emirates News Agency reported that world supply chain disruptions and high costs have slowed Africa’s growth after the Covid-19,
AFC and the OPEC fund are collaborating to enhance access to long-term finance for infrastructure projects in Africa.
