African Finance Corporation to fund Natural resources development across Africa

AFC have set aside US$700m for the development of Africa’s Natural resources sector.

At the 9th West and Central Africa (WACA) Mining Conference and Exhibitions, Begna Gebreyes , the Vice President, Investment, of African Finance Corporation (AFC) said, AFC will be making available about US$700 million for the development of the natural resources sector of the continent.

In his statement he buttressed that for the socio-economic development of African countries, more infrastructure will be needed by resource extraction firms. This need demands that more resources are injected into the natural resource sector to help drive investments and promote a complete development of the continent.

Although majority of the corporations investments go into Oil and Gas, the last three(3) years have been different as focus have been shifted to the solid minerals to ensure that the continent benefits from its networks enterprise.

African Finance Corporation (AFC) which started in Nigeria in 2007, with the Nigerian Central Bank having 42% shares, also have interest in Ghana, Mali, Guinea, Eretria, Ethiopia, Democratic Republic of Congo,S ierra Leone and South Africa, just to mention a few.

AFC is seeking to see an evolutionary advancement in African’s mining sector in the next two to three years, that is why it is adding solid minerals as part of its investment portfolio.

 

Leave a Comment