AfDB takes $50m minority equity in AFC

The African Development Bank (AfDB) this morning in Johannesburg, South Africa, made a $50 million minority equity Investment in Africa Finance Corporation (AFC).

Officials from both organisation jointly signed the equity agreement at the ongoing Africa Investment Forum holding at the Sandton Convention center in the South African city.

The $50 million equity stake does not measure much for an AFC that took roots in Nigeria when former Central Bank of Nigeria governor, Chukwuma Soludo, drove its establishment some 12 years ago with a paid up capital of $1.6 billion (that has since risen to $1.7 billion).

But the AfDB by this equity stake brings with it an international triple A rating and commitment to the AFC which has chosen to drive infrastructure financing across the African continent.