Africa Finance Corporation and MCDF Join Forces to Drive Infrastructure Development in Africa
Lagos, 20 July 2023: Africa Finance Corporation (AFC), the continent's leading infrastructure solutions provider, and the Multilateral Cooperation Center for Development Finance (MCDF), a multilateral financial mechanism promoting high-quality infrastructure and connectivity investments in developing countries, have forged a transformative partnership by signing an Implementing Partner Agreement for early-stage project development.
With AFC receiving accreditation approval from the MCDF's Governing Committee in April, the Corporation has now solidified its position as an implementing partner of the MCDF Finance Facility. This strategic partnership allows AFC to access vital resources and support early-stage projects in the Transport & Logistics, Telecommunications, and Power sector. The partnership aligns seamlessly with AFC's strategic goals, enabling the acceleration of key infrastructure projects and driving economic growth and prosperity across Africa.
AFC's Project Development team has a proven track record of successful initiatives across the continent. Notable projects include the West African Energy 300MW Thermal Power Project in Senegal, the Red Sea Power 60MW Wind Power Project in Djibouti, Cenpower’s 340 MW combined cycle power plant in Ghana and a recently initiated mass transit system in Kinshasa, the Democratic Republic of Congo. These projects highlight AFC's strong capabilities in funding, technical support, and co-development.
MCDF, as a trusted global platform, fosters collaboration among development finance institutions to maximize their impact. It mobilizes funding from its member countries, development partners, and other sources to facilitate the implementation of high-quality infrastructure projects. AFC's participation as an implementing partner contributes to MCDF's mission of driving inclusive growth by leveraging its collaborative platform and resources.
Amadou Wadda, Senior Director of Project Development & Technical Solutions at Africa Finance Corporation, expressed his excitement about the collaboration, stating: "This partnership reinforces our commitment to sustainable development in Africa and unlocks financing for critical infrastructure projects. By leveraging MCDF's collaborative platform and our deep understanding of African markets, we will catalyze economic growth and improve the quality of life for people across the continent."
Mr. Frederic Asseline, Head of Programming at MCDF, shared the enthusiasm, stating: "We are delighted to welcome AFC as an Implementing Partner. Their accreditation and expertise in infrastructure finance and development make them a valuable addition to our existing partners. This partnership will enable us to leverage AFC's deep knowledge of African markets and enhance our efforts to promote sustainable development finance in the region."
This pivotal partnership between AFC and MCDF comes at a time when infrastructure demands in Africa are rapidly increasing. With their complementary strengths and shared vision, the organizations are poised to drive impactful change, spearheading infrastructure development and propelling sustainable growth across the continent.
About AFC
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Sixteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 40 member countries and has invested US$11.5 billion across Africa since inception.
For media inquiries, please contact:
Yewande Thorpe
Communications
Africa Finance Corporation
Phone: +234 1 279 9654
Email: yewande.thorpe@africafc.org
Gavin Serkin
New Markets Media & Intelligence
Phone: +44 20 3478 9710
Email: gserkin@newmarkets.media