Andrew Alli, CEO of AFC
In a bid to help improve the quality of East Africa’s infrastructure, the Africa Finance Corporation (AFC), a leading development finance institution for infrastructure projects in Africa, has recently given membership rights to Rwanda and Uganda. The countries are the first East African countries to become members of Africa Finance Corporation (AFC).
The signing of the Corporation’s instrument of accession and acceptance of membership by the countries brings the Corporation’s total members to 13 with Cape Verde, Chad, Côte d’Ivoire, Gabon, the Gambia, Ghana, Guinea-Bissau, Guinea, Liberia, Nigeria and Sierra-Leone making the list. By the accession, a significant milestone is marked in AFC’s mission to address Africa’s pressing infrastructure needs and build the foundations for robust economic development across the continent.
Chief Executive Officer (CEO) of AFC Andrew Alli, while commenting on the announcement said “By improving the infrastructure of these fast-emerging East African economies we hope to facilitate closer intraregional trade links, a goal that can only be achieved if the adequate transport, telecommunications networks and power supply are in place. This is where AFC steps in, and we are excited by the challenges and opportunities that lie ahead.” He added that “Lack of essential infrastructure remains a critical constraint across Africa; for example, over 620 million people do not have access to reliable electricity. AFC works closely with both public and private institutions to develop innovative financing solutions for large scale infrastructure projects in Africa and oversees the whole project cycle, from concept to completion.”
Hon. Matia Kasaija, the Minister of Finance, Planning and Economic Development of Uganda, stated that Uganda’s partnership with AFC will go a long way in helping the Government to attain the Uganda’s Vision 2040 Strategy of “A Transformed Ugandan Society from a Peasant to a Modern and Prosperous Country within 30 years.”
Uganda and Rwanda are forecast to maintain positive growth rates over the coming years, with the IMF predicting 5.6% and 7% GDP growth in 2015 respectively. Rwanda’s pivotal geographical location at the intersection between East and South has made it a commercial centre bridging the two regions.
The Corporation has invested US$2.6 billion in projects across 24 African countries and in a wide range of sectors including power, telecommunications, transport and logistics, natural resources and heavy industries.