Egypt Becomes Africa Finance Corporation’s 32nd Member State, With a Potential of US$1 Billion of Investments
CAIRO--(BUSINESS WIRE/AETOSWire)-- Africa Finance Corporation (AFC) has
welcomed Egypt as its newest member state. Egypt’s Prime Minister, H.E. Dr
Mostafa Madbouly, committed North Africa’s most populous nation to become the
32nd member of the region’s leading infrastructure solutions provider, opening
up a potential US$1billion of investments.
"With the increasing
importance of public-private partnerships in advancing the African continent
and Egypt in particular, we are pleased to accede to membership of a renowned
and trusted pan-African institution like Africa Finance Corporation,” Prime
Minister H.E. Dr Mostafa Madbouly said. "We are already in discussions with AFC
on pipeline projects, some of which includes supporting COVID-19 vaccine
manufacture, working closely with the Ministry of Transportation to fund the
high speed train and the Cairo Monorail projects, as well as a collaboration
with The Sovereign Fund of Egypt (TSFE) to fund renewable projects, and we look
forward to executing these projects in line with the country’s Vision 2030.”
Egypt’s accession
expands AFC’s footprint in North Africa, after Morocco joined in June 2021. As
a member, Egypt will enjoy benefits including increased investment allocation,
preferred access to AFC’s structuring and lending solutions, reduced debt costs
for projects, and access to advisory and project development services.
The Corporation’s
President & CEO, Samaila Zubairu, led a delegation of senior AFC executives
for meetings in Cairo in July with senior government officials, including Prime
Minister Madbouly and Minister of Finance Dr. Mohamed Maait, who signed the
instrument of adherence to AFC membership.
"We had several meetings
with key government stakeholders in Cairo and their urgency in driving the next
phase of development is consistent with AFC’s support for resilient and
sustainable infrastructure that will benefit not only Egypt but the entire
continent,” said Mr. Zubairu. "I look forward to working with our partners to
strengthen manufacturing on the continent, in particular, the production of
Covid-19 vaccines.”