BRAZZAVILLE, Congo: The Africa Finance Corporation (“AFC” or the “Corporation”) is delighted to welcome the Republic of Congo (“Congo Brazzaville” or “Congo”) as its 28th Member State, following the execution of the country’s Instrument of Adherence by Mr Gilbert Ondongo, Minister of State for the Economy, Industry and Public Finances on the 20th of October 2020.
The Congolese Government’s commitment to structural economic transformation and inclusive growth is fully aligned with AFC’s ecosystem and beneficiation investment strategy. AFC looks forward to supporting the Government of Congo’s efforts to maximize the value of its vast natural resource base and unlock its full agricultural potential for the betterment of its people, by promoting economic growth and diversification, job creation and sustainable development.
Samaila Zubairu, AFC President & CEO, made the following remarks on the announcement today:
“It is my pleasure to welcome the Republic of Congo as a Member State of the Africa Finance Corporation. The Republic of Congo, like many other African countries, has faced dual humanitarian and economic crises this year. In response, the Government scaled up health-related spending and deployed a series of mitigation measures, which helped to contain the crisis. Looking ahead, AFC is committed to supporting the country’s economic recovery, with an engagement strategy that increases productivity through value addition, promotes sustainable development and enhances overall economic resilience.
Commenting on Congo’s accession, Mr. Ondongo stated: “Congo welcomes the partnership of pan-African multilateral institutions such as the Africa Finance Corporation, to drive its economic development and growth. We are pleased to join the membership of the Africa Finance Corporation as it has demonstrated a commitment to the development, financing, and delivery of transformational infrastructure projects, including in Congo where it has supported the SNPC (la Société National du Pétroles de Congo). We look forward to leveraging AFC’s expertise and solution-oriented approach to embark on a new phase of growth and development for the Republic of Congo.”
AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet of approximately US$6.6 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3 rating from Moody’s Investors Service. AFC successfully raised CHF150 million (Green Bond) and US$700 million respectively in 2020, US$1,150 million (US$650 million and US$500 million) in 2019, US$500 million in 2017 and US$750 million in 2015 through Eurobond issuances; out of its Board-approved US$5 Billion Global Medium-Term Note (MTN) Programme. All Eurobond issues were oversubscribed and attracted investors from Asia, Europe, and the USA.
AFC’s investment 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. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested over US$7.0 billion in projects in 33 countries across Africa.