Fri, 27 Oct 2017 13:08:31 +0000
By Mailesi Banda
ZAMBIA has become the first Southern African country to be part of the African Finance Corporation (AFC), one of the leading development finance institution for infrastructure development in Africa.
African Finance Corporation, chief executive officer, Andrew Alli, said the accession of Zambia to AFC membership marks a significant milestone in the corporation’s mission to address Africa’s infrastructure needs and build the foundation for robust economic development across the continent.
Mr. Alli said the corporation has invested US$4.5 billion in projects across 28 African countries and in a wide range of sectors including power, telecommunications, transport and logistics, natural resources, and heavy industries.
Mr. Alli explained that Zambia’s membership accession supports AFC’s membership expansion strategy and the continued alignment of its country membership with its operational footprint, adding that Zambia, which signed its letter of adherence on October 11, 2017 becomes the 16th member country of AFC.
“We are excited to welcome Zambia as the first Southern African member country of AFC. We believe that investment in, and sustainable delivery of infrastructure in “land-linked” Zambia, will accelerate intraregional trade and lead to stronger economic development and growth in Southern Africa in particular and Africa in general,” Mr. Alli said.
He announced that AFC already has a large presence in Zambia, revealing that the corporation has invested over US$150 into the Zambian economy with million in various projects in the power and downstream oil sectors.
Mr. Alli said the Corporation has also provided trade finance to the Ministry of Finance for the importation of co-mingled oil products for refining into refined petroleum products.
