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Themed “Retaining African Capital for a Sustainable Future”, this year's symposium focuses on the pivotal issue of limited availability of domestic capital which continues to impede the continent's economic progress. Key local and global stakeholders, including sovereign wealth funds, pension funds, social security funds, central banks, financial and development institutions will participate in discussions to identify avenues for channeling funds toward transformative development projects across Africa.
High-profile leaders and industry experts from the public and private sectors will be speaking at the symposium, including the Turkish Deputy Minister of Treasury and Finance, Osman Celik; Governor of the Central Bank of Botswana, Cornelius Dekop; Governor of the Central Bank of Sierra Leone, Ibrahim Stevens; Director General, Caisse National de Prévoyance Sociale du Cameroun (CNPS), Alain Mekulu Akame; Deputy CEO, Saudi Fund for Development (SFD), H.E Faisal Alkahtani; Deputy Executive Secretary, United Nations Economic Commission for Africa (UNECA), Antonio Pedro; and Hatice Ürkmez, Director of Financial Institutions at Türk Eximbank.
Between the period the corporation convened the last Country and Stakeholder Symposium till now, AFC has made significant strides. AFC’s country Membership has now grown to 43 African states, representing 80% of the continent, as we welcomed Burundi, São Tomé and Príncipe, Eswatini and Ethiopia into the AFC fraternity. AFC’s shareholder group also expanded significantly, with member countries, including Benin, Botswana, and Cameroun, investing in AFC. Additionally, the Government of Türkiye, through the Türk Eximbank, has become our first non-African shareholder, exemplifying the increasing relevance of AFC as a partner to global strategic interests in Africa.
On the debt side, the corporation successfully raised in excess of US$2.1 billion from a diversified range of lenders and financiers across the global markets. Key inflows came from two syndicated loans of US$625 million and US$750 million; a EUR50 million loan facility agreement with Italy’s Cassa Depositi e Prestiti SpA (CDP); a US$350 million long-term line of credit with the African Development Bank (AfDB); and a US$400 million loan from the Exim Bank of China.
The 4th edition of our flagship Country & Stakeholder Symposium will be a platform for critical discussions on Africa’s domestic wealth
Among the Corporation’s robust pipeline of critical projects, AFC secured the lead developer role in the Lobito Corridor project sponsored by the US, EU, Angolan, and Zambian governments. AFC’s exemplary track record has been recognized in successive awards, including:
AFC also recently provided equity to provide world-class healthcare through the African Medical Centre of Excellence (AMCE) Abuja hospital in Nigeria. Yet the continent’s infrastructure deficit remains larger than ever. The funding gap widens by multiple billions of dollars annually. Constrained government resources exacerbate this challenge, while the continuous outflow of Africa’s domestic investments to foreign climes only adds to the complexity.
The available capital within Africa must therefore be harnessed to work for Africa. Pension funds, government reserves, and personal savings must all find avenues to invest profitably in the African economy. We must channel the increasing number of indigenous public and private sector institutional investors with significant resources expressing interest in infrastructure investment.
AFC President & CEO Samaila Zubairu said, “The 4th edition of our flagship Country & Stakeholder Symposium will be a platform for critical discussions on Africa’s domestic wealth, as we delve into strategies to mobilize and utilize capital resources more effectively. By harnessing the collective expertise and resources of like-minded participants and stakeholders, we will forge new partnerships and initiatives to propel Africa towards a brighter and more prosperous future.”
AFC will continue to encourage African pension funds and financial institutions to partner with the Corporation to provide the much-needed support of African capital to serve Africa’s needs. In the past year alone, this has resulted in the National Social Security Fund (NSSF) of Kenya, Caisse Nationale de Prévoyance Sociale (CNPS) of Cameroun, and the State Bank of Mauritius (SBM Capital) all joining our shareholder group.
The CSS represents a unique opportunity for stakeholders to collaborate on innovative solutions that promote capital retention, foster sustainable economic growth, and drive Africa's development agenda forward. Register to attend here https://apo-opa.co/49gHEBz.
Distributed by APO Group on behalf of Africa Finance Corporation (AFC).
