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Chad joins Africa Finance Corporation

Premier member from Central Africa
Chad is the newest member of the Africa Finance Corporation (AFC). On 26 September 2012, Chad signed the Instrument of Accession and acceptance of membership of Africa Finance Corporation.

The Government of Chad, welcomed the operations of AFC and stated “Africa has been in need of an international organisation of this calibre, driven by capable African professionals that will address the scale of Africa’s infrastructure requirement and make the investment in and advancement of African infrastructure a priority. The Corporation's commendable track record in partnering with governments in Nigeria, Ghana, Cape Verde, Côte d’Ivoire, Kenya, Malawi, South Africa, Zambia and Ethiopia, to provide innovative financing solutions in natural resources, power and transport is validation of the value of such an international organisation, and is why Chad is delighted to be joining as a member."

Welcoming Chad as the eighth member of the Infrastructure finance institution, the AFC’s President & Chief Executive Officer, Mr. Andrew Alli, expressed AFC’s appreciation to The Republic of Chad for acceding to membership of the Corporation. “AFC is delighted to have Chad, a major oil producing nation as the first central African member of the organisation. We are committed to helping Chad develop its natural resources and enabling infrastructure, specifically through the expansion of much needed transport infrastructure and industrial capacity, to drive sustainable economic growth. “

Mr Alli described Chad’s membership as critical in AFC’s quest to be a leading multilateral finance institution in Africa, by driving the fast-tracking of Africa’s economic development through proactively creating, acquiring and managing infrastructure, industrial and financial assets. Chad joins other African countries, notably Nigeria, Ghana, The Gambia, Guinea, Guinea-Bissau, Liberia and Sierra-Leone as member states of AFC.
About AFC -
AFC is an African-led international financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa. AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde. AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s USD2.0 billion Power and Aviation Intervention Fund (PAIF). AFC is also the lead investor in 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 the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. AFC provided a USD 50 million convertible debt investment in Athi River Mining (Kenya) Limited (ARM), the second largest cement operator in Kenya to support expansion initiatives across Eastern and Southern Africa including; development and construction of a lime plant in Tanzania and expansion of ARM’s cement capacity in Kenya. The transaction marked AFC’s first bilateral investment in Kenya. AFC provided financing for Ethiopian airlines fleet expansion in the acquisition of Africa’s first Boeing 777 airline. AFC also invested in the Bakwena toll road project in South Africa and the EURO 270 million Konan Bedie Toll bridge in Côte d’Ivoire, the landmark PPP project in Francophone Africa, underscoring its interest in investing in PPPs/PFIs in its focal sectors across the African continent