AFC plans $2bn fund to support Africa’s economic recovery

The AFC will provide as much as 50% of the funding.
Image: Bloomberg

Africa Finance Corp. is setting up a $2 billion fund to help institutions on the continent recover quickly from the pandemic and overcome challenges posed by Russia’s invasion of Ukraine.

The AFC will provide as much as 50% of the funding and mobilize the rest from other investors and development financiers, it said in emailed statement on Thursday.

The Lagos-based development finance institution will disburse loans to commercial lenders, regional development institutions and central banks to provide foreign currency lending to companies for trade and for other economic activities, the AFC said.

The lender has invested more than $9.5 billion in power, logistics and exploration industries in 35 African countries since its creation, according to its website.

© 2022 Bloomberg

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