Tuesday, March 19, 2024

Africa Finance Corporation signs Zambia as a Member Country

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AFC CEO Andrew Alli with Finance Minister Mutati
AFC CEO Andrew Alli with Finance Minister Mutati

Zambia has become the first Southern African member country of Africa Finance Corporation (AFC), a leading development finance institution for infrastructure in Africa.

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.

To date 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.

Zambia’s membership accession supports AFC’s membership expansion strategy and the continued alignment of its country membership with its operational footprint. Zambia, which signed its letter of adherence on October 11, 2017, becomes the 16th member country of AFC. AFC’s other members are: Nigeria, Guinea Bissau, Ghana, Sierra Leone, Gambia, Liberia, Guinea, Chad, Cape Verde, Gabon, Côte d’Ivoire, Rwanda, Uganda, Djibouti and Kenya.

Andrew Alli, CEO of AFC, commented on the announcement: “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. This goal can only be achieved if adequate transport, power, telecommunications, and industrial infrastructure are available and are functional. This is where AFC steps in, and we are excited by the challenges and opportunities that lie ahead”.

AFC already has a large presence in Zambia. To date, the Corporation has invested over US$150 Million in various projects in the power and downstream oil sectors. 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.

Speaking on the announcement, Felix Mutati, the Minister of Finance, noted that “Over the years, AFC has shown its strong commitment towards infrastructure and economic development in Zambia. Today, we are happy to formally accept the invitation to join the membership of AFC. We look forward to greater engagement with the Corporation and their continued support in the delivery of signature infrastructure projects in Zambia.”

Given Lubinda, Minister of Justice also commented that “Zambia is pleased to join the membership of AFC and we look forward to a fruitful partnership.”

6 COMMENTS

    • Okay let’s slow down here. I think we are moving too fast.
      What has happened to the $42M scandal? Are you telling me no one is going to jail for misusing public funds?
      Has someone e been taking notes on all the scandals that just recently surfaced? These issues are not dying today, trust me. They will definitely need to be dealt with at some point. We need to make people accountable for their actions

  1. Government should immediately scrap the Ministry of Religious Affairs and appoint that same woman as Minister of RUBBISH COLLECTION. Zambia has and still wasting away in terms of time/progress. As a nation, we must be action oriented and NOT time wasters especially with this PENTE nonsense. Birds in the bushes don’t wait for JESUS to feed their young but rather; they leave those nests as early as 05.00 to go out to look for various insects to feed the young chick-lings.

    Let that woman Minister organise her fellow women in the country and start all litter/rubbish collection from all Markets, Tuntembas, streets, residential areas/homes including shanty townships. Come up with a system madam Minister where you could be “buying” that RUBBISH at a certain price as an encouragement for…

  2. ….even more RUBBISH and I can tell you within no time, Zambia shall be as clean as our underwear and only then shall we eradicate all these diseases like Cholera for good. Zambia Police too must be informed about this cos I know, there shall be people within the community who are going to venture into stealing this same RUBBISH in order to go and sell to the Government.

    Bwana Lungu and his cabinet should quickly find a way to dispose off the million tons of Rubbish that shall be collected and sold to GRZ. This is good for thought bwana PENTE type of a President that you are, no more wasting of time/money on useless meetings/day of prayer crap…

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