AFC-Financed Main One Cable System Now Operational

Changes face of West African telecommunications

Lagos, 21 July, 2010 – The Africa Finance Corporation (AFC), lead investor in the

Main One Cable Company, joins Main One to mark the global operational launch, today, of the groundbreaking Main One submarine fibre optic cable system project. This landmark project, which is now operational, seriously enhances West Africa’s connectivity to Europe and other parts of the world. Telecommunications in the region receives a tremendous boost with roughly 7,000 kilometres of fibre optic cable between Portugal, Ghana and Nigeria. Along its path, the cable has branching units to Morocco, the Canary Islands, Senegal and Côte d’Ivoire. A second phase of the project will extend it to South Africa.

The Main One Cable satisfies what has until now been a huge dearth in fast and efficient connectivity, delivering 1.92 tera bytes per second (Tbps) of high capacity bandwidth. This is equivalent to ten times the available capacity of the fibre optic cable that has served West Africa until now. It has about twenty times the satellite capacity currently available across Sub-Saharan Africa.

“As a pan-African financing institution, AFC is delighted to be a proud partner in the Main One submarine cable system project,” says Andrew Alli, AFC President and Chief Executive Officer. “This is an African conceived, financed and driven project, which opens and integrates Africa’s ICT markets and addresses the commercial imperative necessary to drive economic growth.”

“Funke Opeke, CEO of Main One Cable Company Limited, notes “AFC brought a combination of technical, institutional, regional and financial skills into the project, which will provide much needed telecommunications capacity in West Africa. The participation of AFC enhanced the ability of the project to complete the necessary financing for its implementation and timely delivery.”

END

About AFC

Africa Finance Corporation (AFC) is an African led infrastructure financing institution whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets.  Among other projects in which it is involved, AFC is the lead investor in conjunction with Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana.   AFC is also the main African participant in a seven- year USD750 million syndicated reserve base lending facility to develop the landmark Ghanaian Jubilee Oil Field - West Africa’s largest offshore deepwater find in over a decade. 

For more information, contact:

Lucy Savage

Vice President, Corporate Communications

Africa Finance Corporation, 3a Osborne Road

Lagos, Nigeria

Tel: + 234 1 279 9600

Email: lucy.savage@africafc.org

Dr Ini Urua

Senior Vice President, Heavy Industry

Africa Finance Corporation

3a Osborne Road, Lagos Nigeria

Tel: + 234 1 279 9600

Email: ini.urua@africafc.org

PRESS RELEASE

AFC, Access Bank Sign

Master Risk Participation Agreement for Trade Transactions

Lagos, 9 July, 2010 – The Africa Finance Corporation (AFC) and Nigeria’s Access Bank have signed a master risk participation agreement for trade transactions. The agreement allows each institution to provide risk cover—with or without funding— for trade transactions originated by the other.

With this agreement, AFC and Access Bank will now be able to enhance each other's capacity for financing trade transactions. AFC will leverage on Access Bank's trade finance expertise and infrastructure, along with the bank’s extensive African coverage. Access Bank, on the other hand, will leverage on AFC's substantial risk bearing capacity and liquidity to enhance its trade finance capacity.

The agreement will be especially helpful in financing intra-African trade, including oil imports/exports between Nigeria and other African countries. The two institutions expect to finance trade transactions in excess of US$100 million under the agreement.

Solomon Asamoah, AFC Deputy Chief Executive Officer and Chief Investment Officer, said: "The agreement is unique and signifies a rare combination of expertise. This partnership will bring forth clear value to the banking public and the society at large as it allows both institutions access into each other’s areas of strength.” He explained that AFC will be able to leverage Access Bank’s trade finance expertise and extensive African coverage to deliver the organisation’s acclaimed structured trade and project financing products across the continent, whilst Access Bank will be able to provide additional banking services and products to these transactions and their clients. “It’s a powerful combination," stressed Asamoah.

Ebenezer Olufowose, Access Bank’s Executive Director for Investment Banking, said, "Access Bank has established itself as a leading trade finance house in Nigeria. The bank is desirous of extending this market leadership to other African markets where it is present. The signing of this agreement with AFC will enable us to achieve this objective while simultaneously enhancing our capability to handle larger and more complex transactions.” Olufowose added that the agreement will add value to the bank’s trade services offerings.

“The master risk participation agreement for trade transactions is a win-win for both AFC and Access Bank, and a welcome increase in the available trade finance banking capacity for African exporters and importers," said Taiwo Adeniji, AFC’s Director for Financial Institutions & Advisory Services.

Taiwo Adeniji

Director, Financial Institutions & Advisory Services

Africa Finance Corporation

3a Osborne Road

Tel. + 234 1 279 9600

Email: taiwo.adeniji@africafc.org

Richard Uku

Senior Vice President

& Head, Corporate Communication

Africa Finance Corporation

3a Osborne Road

Tel. + 234 1 279 9600

Email: richard.uku@africafc.org

The Agenda items are as follows;

1. Presentation of the 2009 AFC Annual Report
2. Receipt and adoption of the 2009 Financial statements and Annual Reports
3. Appointment/Confirmation of External Auditors
4. Any Other Business

A member entitled to attend and vote at the meeting is entitled to appoint one proxy to attend and vote on his/her behalf.  All relevant documents in connection with the meeting are available to all shareholders (who have not received them) from the date of this notice at AFC's Headquarters located at 3A Osborne Road, Ikoyi, lagos, Nigeria.

By Order of the Board of Directors

Dr. Adesegun Akin-Olugbade

Executive Director (Corporate Services) & General Counsel

PRESS RELEASE

AFC-financed Main One Submarine Cable Lands in Ghana

Main One fibre optic cable to bolster connectivity and bandwidth

Accra, 19 May, 2010 – Africa Finance Corporation (AFC), the lead investor in the Main One Cable Company today marked the final splice of the Main One submarine fibre optic cable system. This landmark project consists of a 7000-kilometre cable between Portugal, Ghana and Nigeria with branching units in Canary Islands, Morocco, Senegal and Cote d’Ivoire. It is expected to enhance West Africa’s connectivity to Europe and other parts of the world.  The second phase of the project will extend connectivity to South Africa.

The Main One Cable system will deliver 1.92Tbps of high capacity bandwidth - equivalent to ten times the available capacity of the existing fibre optic cable serving West Africa, and more than 20 times the satellite capacity currently available across Sub-Saharan Africa.

“As a pan-African financing institution, AFC is proud to be a partner in the Main One submarine cable project, an African-conceived and driven project, which will open and integrate the continent’s ICT markets and address the commercial imperative necessary to drive economic growth,” said AFC President and Chief Executive Andrew Alli.

Funke Opeke, CEO of Main One Cable Company Limited said “AFC brings a combination of technical, institutional, regional and financial skills to the project, which will provide much needed telecommunications capacity in West Africa. We welcome their participation, which has made it possible to complete the necessary financing for the project’s implementation.”

About AFC

Africa Finance Corporation (AFC) is an African led financial institution with the mission to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets.  Among other projects in which it is involved, AFC is the lead investor in conjunction with Cenpower Generation Company Limited (Cenpower), which is implementing the $450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana.  AFC is also the main African participant in a seven- year USD$ 750 million syndicated reserve base lending facility to develop the landmark Ghanaian Jubilee Oil Field - West Africa’s largest offshore deepwater find in over a decade.  Ghana membership of the AFC is imminent and awaiting final ratification. AFC has also invested in and acquired a minority stake in the international firm Seven Energy Limited. Seven Energy, through its local subsidiary in Nigeria, Septa Energy Limited, is playing a critical pioneering role in developing gas for domestic use in Nigeria. Its operations are also expected to have a significant and positive effect on other key sectors of the Nigerian economy such as power.

For more information, contact:

Lucy Savage

Vice President, Corporate Communication

Africa Finance Corporation, 3a Osborne Road

Lagos, Nigeria

Tel: + 234 1 279 9628 M: +234 703 3645

Email: lucy.savage@africafc.org

Ini Urua

Senior Vice President, Heavy Industry

Africa Finance Corporation

3a Osborne Road, Lagos Nigeria

Tel: + 234 1 279 96 M: +234 703 3646

Email: ini.urua@africafc.org

PRESS RELEASE

AFC to Support Power Generation in Ghana

Investment to develop Kpone Independent Power Project

Accra, 29 March, 2010 – The Africa Finance Corporation (AFC) today signed an agreement with Ghanaian partner Cenpower Generation Company Limited (Cenpower), to join forces in developing the Kpone Independent Power Project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana.  

Another partner is Infraco Limited, a special project development company established and funded by Private Infrastructure Development Group (PIDG), comprising the development agencies of the governments of the Netherlands, Sweden, Switzerland, Austria, and the United Kingdom as well as the World Bank.

AFC, Cenpower and Infraco will contribute equity together with other strategic investors to fund the USD$450 million project. AFC is arranging debt finance, which will be provided by a consortium of private sector local and international commercial banks, development finance, institutional and export credit agencies.

The Kpone Independent Power Project forms part of the Least-cost Power Generation Expansion Plan for Ghana. Through it, Ghana is promoting increased use of indigenous resources for electricity supply, and private sector investment in the development of new production capacity. The landmark investment underscores AFC’s mission to develop bankable power projects in order to address Africa’s critical infrastructure gap. AFC’s objective is to help ease the power deficit in Ghana, reduce the cost of electricity from self generation, both to individuals and industrial consumers alike, and more broadly to assist and support the Government of Ghana realize its vision to accelerate the country’s economic development.

 “As a pan-African financing institution, we are committed to helping Africa bridge the power infrastructure gap and address the commercial imperative necessary for the development of its industrial and infrastructure assets to drive economic growth,” said Andrew Alli, Chief Executive Officer of AFC.

“We welcome AFC’s involvement in the project,” said Mr. Samuel N. Brew-Butler, Chairman of Cenpower. “This is a power plant that will make a significant improvement in power generation in Ghana when it comes on line, and we are enthused to work alongside our dedicated partners in furthering this initiative.”

The 340MW combined cycle gas turbine power plant is uniquely placed, adjacent to the West African Gas Pipeline landing point, a planned 330kV transmission corridor and 161kV substation and located some 600 meters from the Atlantic ocean, enabling the use of sea water for direct cooling.  The power plant will provide much needed generation capacity when it comes on-stream by 2013, and will be the largest privately owned power plant facility in Ghana.

About AFC

Africa Finance Corporation (AFC) is an African led financial institution with the mission to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets.  Among other projects in which it is involved, AFC is a lead investor in the $240 million African led submarine Main-One Fibre Optic Cable System, which will provide much needed telecommunications capacity in West Africa with a scheduled landing in Ghana in April, 2010.   AFC is also the main African participant in a seven- year USD$ 750 million syndicated reserved base lending facility to develop the landmark Ghanaian Jubilee Oil Field - West Africa’s largest offshore deepwater find in over a decade.  Ghana membership of the AFC is imminent and awaiting final ratification.

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For more information, contact:

Richard Uku

Senior Vice President

& Head, Corporate Communication

Africa Finance Corporation

3a Osborne Road

Tel. + 234 1 279 9656

Email: Richard.uku@africafc.org

Theo Sackey

Vice President, Power

Africa Finance Corporation

3a Osborne Road

Tel. + 234 1 279 9610

Email: theo.sackey@africafc.org

"The Nigerian gas and midstream sector has largely been undeveloped due to the lack of significant capital necessary to develop the requisite infrastructure," says AFC President and Chief Executive Officer Andrew Alli. "Seven Energy is playing a critical pioneering role in developing this sector, in keeping with the Nigerian government's strategy under the Gas Master Plan. The company's operations are expected to have a significant and positive effect on other key sectors of the Nigerian economy such as power. AFC is pleased to support this effort with the equity investment we are making in the company."

Seven Energy Chairman Phillip Ihenacho welcomed the collaboration with AFC."The gas supply demand imbalance in Nigeria is significant and presents an enormous challenge. As a majority Nigerian-owned company, Seven Energy is committed to addressing this imbalance and to helping the country reap the benefits of its huge gas reserves."

Seven Energy is expected to commence gas production in 2011 and has already committed gas to industrial clients in the Akwa Ibom area. Other international investors in Seven Energy include Investec Private Equity, Capital International, Actis and Standard Chartered Private Equity.

About AFC
AFC is an African-led international financial institution whose mission is to improve regional economies by proactively assisting in the development and financing of infrastructure, industrial and other assets across the African continent. Among other projects it supports, AFC is a lead investor in the US$240 million African-led Main-One submarine fibre optic cable project, which will provide much needed telecommunications capacity in West Africa. It is also the main African participant in a seven-year US$750 million syndicated reserves based lending facility to develop the landmark Ghanaian Jubilee Oil Field - one of West Africa's largest deepwater offshore developments in over a decade.

Bayo Ogunlesi is Chairman and Managing Partner of Global Infrastructure Partners (GIP) a US$5.64 billion private equity fund that invests in infrastructure assets worldwide. GIP's founding investors include Credit Suisse and General Electric, and it recently agreed the $1.455 billion acquisition of London's Gatwick Airport. Mr. Ogunlesi brings a wealth of international investment banking, infrastructure and corporate governance expertise to the AFC. Commenting on his appointment, Mr. Ogunlesi said "My role as Chairman of AFC will provide a unique opportunity for me to contribute to the development of Africa by helping to build what I am sure will become a leading force in the financing of infrastructure assets on the continent."

Prior to founding GIP, Mr. Ogunlesi was Executive Vice Chairman and Chief Client Officer of Credit Suisse's Investment Banking Division with senior responsibility for Credit Suisse's corporate and sovereign investment banking clients. He also served as Global Head of Credit Suisse's Investment Banking Department which included its worldwide capital markets - debt and equity, mergers and acquisitions, corporate finance and advisory, industry, country and regional banking businesses. Prior to becoming an investment banker, he was an attorney with the New York law firm of Cravath, Swaine & Moore. From 1980 to 1981, he served as a Law Clerk to the Honorable Thurgood Marshall, Associate Justice of the United States Supreme Court. Bayo Ogunlesi today outlined the pivotal role that AFC has to play in addressing the continent's infrastructure deficit and shaping the pan-African infrastructure investment agenda as he joins the AFC Board of Directors and its executive team led by CEO, Mr. Andrew Alli. Welcoming the appointment of Mr. Ogunlesi as Chairman, Mr. Alli said "Bayo's experience in infrastructure investing and banking brings a wealth and depth of knowledge and expertise that will propel the AFC into the premier league of institutions addressing the development requirements of Africa."

Note to Editors

The Africa Finance Corporation (AFC) is an African-led financial institution with the mission to improve regional economies by proactively assisting in the development and financing of infrastructure, industrial and other assets. Among other projects, AFC is a lead investor in the US$240 million African-led Main-One submarine fibre optic cable - that will provide much needed telecommunications capacity in West Africa, and the main African participant in a 7-year US$750 million syndicated reserves based lending facility to develop the landmark Ghanaian Jubilee Oil Field, one of West Africa's largest deepwater offshore developments in over a decade.

APIC is a real estate fund established for the purpose of making equity and quasi-equity investments in residential, commercial and hospitality properties in West Africa. AFC's investment in the CAPIC fund allows the Corporation to facilitate the strengthening of professional investment institutions and infrastructure development companies in Nigeria and Africa.

AFC is a private sector led bank and a development finance institution which invests equity in projects and organizes bridge financing to ensure that projects are executed expeditiously while raising long-term debt for transactions.