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AFC, Sojitz sign Memorandum of Understanding

AFC, Sojitz Sign Bilateral Cooperation Agreement Partnership targets up to USD1 billion in potential investments

The Africa Finance Corporation (AFC) and Tokyo-based firm Sojitz have signed a memorandum of understanding for bilateral cooperation. AFC and Sojitz will cooperate in the identification, preparation and appraisal of infrastructure projects, which are likely to be suitable for financial assistance from both institutions.

Sojitz will co-finance and invest in projects with AFC for an aggregate amount of USD1 billion, of which USD50 million, as an initial target, will be invested within one year. The industries in which the two institutions will focus are power, heavy industry and oil and gas. AFC and Sojitz are targeting ten sub-Saharan African countries for investment, namely: Nigeria, Ghana, Cameroon, Angola, Tanzania, Uganda, Mozambique, Botswana, Namibia and South Africa.

Oliver Andrews, AFC Director of Project Origination, says, “there is dire need for solid infrastructure investment in the power, heavy industry and oil and gas sectors, and we are pleased to collaborate with Sojitz in taking advantage of the opportunities—both from a sound business standpoint, and in terms of the contribution these projects will make to local communities.” Satoshi Shinada, Director of Sojitz Global Trading Nigeria Ltd, notes “we welcome this framework of cooperation with AFC. It is a partnership that allows Sojitz to broaden its operations across sub-Saharan Africa with an African institution that is well positioned to drive private sector infrastructure investment in the continent.”