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Africa Finance Corporation (AFC), a prominent infrastructure solutions provider in Africa, has announced a significant equity investment from Turk Eximbank on behalf of the Republic of Türkiye. This landmark investment marks the first time AFC has onboarded a non-African sovereign shareholder, reflecting a historic milestone in the corporation’s mission to bridge Africa with global stakeholders for mutual development and prosperity.
Türkiye’s official export credit agency, Turk Eximbank, sees its investment in AFC as a strategic step aligned with Türkiye’s vision for fostering resilient and sustainable growth in Africa. This aligns with the government’s Africa Partnership Policy, highlighting AFC’s relevance in delivering on these aspirations.
AFC’s proven business model, focusing on sustainable and impactful projects with support from both African public and private sector capital, positions it as a reliable long-term partner for Türkiye to advance its substantial development agenda in Africa.
Türkiye has been a steadfast ally in Africa’s development journey, evident in its strategic partnership with the African Union and strong advocacy for Pan-Africanism. Türkiye has played a crucial role in catalyzing public and private investment in various sectors across the continent.
Samaila Zubairu, President & CEO of AFC, expressed delight at welcoming Turk Eximbank as the first non-regional sovereign shareholder. This investment not only validates AFC’s efforts in addressing Africa’s infrastructure challenges but also underscores Türkiye’s commitment to fostering south-south cooperation.
Ali Güney, CEO of Turk Eximbank, emphasized the strategic partnership with AFC, highlighting the commitment to facilitating collaborations that support Turkish exporters and construction companies. This collaboration aims to catalyze sustainable economic growth and development in both regions, fostering harmonious and mutually enriching relationships.
The investment extends AFC’s existing strong partnerships in Türkiye, including collaborations with leading engineering, procurement, and construction (EPC) firms for transformative infrastructure projects in Africa.
AFC’s ongoing discussions with the Foreign Economic Relations Board of Türkiye (DEİK) and the Turkish Contractors Association further solidify its commitment to unlocking new business opportunities and enhancing bilateral trade and cooperation between Türkiye and Africa.
AFC, an A3 (Moody’s) rated investment-grade institution, has successfully raised funds across diverse markets and received equity investments from major African sovereigns and pension funds. The support from global multilateral institutions and commercial banks demonstrates confidence in AFC’s credit profile and its ability to deliver de-risked, transformational infrastructure projects that propel Africa onto the global stage.
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