Africa Finance Corporation Welcomes Cape Verde

Cape Verde on 25 March 2014, during the inaugural Infrastructure Investment Summit of the AFC- “AFC LIVE”, became the newest member of the Corporation (AFC).

AFC is an African-led multilateral development financial institution, established in 2007, with a mission to improve African economies by proactively developing and financing infrastructure, industrial and financial assets.

In an official statement made available to Nigeria CommunicationsWeek on Thursday, Cape Verde signed the Instrument of Accession and Acceptance of membership of the Africa Finance Corporation.

Ms Cristina Duarte, minister of Economy and Finance, Cape Verde, in a brief remarks and on behalf of the Government of Cape Verde, during the formal signing ceremony stated:   “I am very pleased to formalise Cape Verde’s membership of the Africa Finance Corporation. Cape Verde and the AFC have enjoyed a very productive and collaborative relationship over the last few years.

“As the lead investor in Cabeolica, our award winning US$90 million 26MW commercial wind farm, we have first-hand experience of the expertise the corporation can bring to innovative projects.  The Corporation's commendable track record in partnering with Governments to provide innovative financing solutions in natural resources, power, heavy industry, telecommunications and transport is validation of the value of such an international organisation, and is why Cape Verde is delighted to be joining as a member."

Welcoming Cape Verde as the ninth member of the leading African Infrastructure finance institution, Mr. Andrew Alli, AFC’s president & chief executive officer, expressed AFC’s appreciation to The Republic of Cape Verde for acceding to membership of the Corporation.

“AFC is delighted to have Cape Verde as the first Island State member of the Corporation.   We are committed to helping Cape Verde develop its enabling infrastructure, specifically through the expansion of much needed transport infrastructure and industrial capacity, to drive sustainable economic growth, he said.

Alli described Cape Verde’s membership as critical in AFC’s quest to be the premier multilateral infrastructure finance institution in Africa, by driving the fast-tracking of Africa’s economic development through proactively creating, acquiring and managing infrastructure, industrial and financial assets.

Cape Verde joins other African countries, notably Nigeria, Ghana, Chad, The Gambia, Guinea, Guinea-Bissau, Liberia and Sierra-Leone as member states of the AFC.

AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa.

Its current authorized share capital is USD2.0 billion with shareholders’ funds of USD1.28 billion and a 2014 funding programme of USD900 million, among other accolades and investments.