Malawi becomes second South African country to be a member of Africa Finance Corporation
Malawi has become Africa Finance Corporation’s 18th Member State which is Africa’s leading infrastructure development finance institution.
Malawi has become Africa Finance Corporation's 18th Member State which is Africa's leading infrastructure development finance institution.
Apart from Malawi, other member states are Benin, Cape Verde, Chad, Côte d'Ivoire, Djibouti, Gabon, the Gambia, Ghana, Guinea-Bissau, Guinea-Conakry, Kenya, Liberia, Nigeria, Rwanda, Uganda, Sierra Leone and Zambia. The process of Malawi's accession also supports AFC's membership expansion strategy into Southern Africa. the letter of adherence was signed by Malawi on 8 March 2018.
AFC formerly acted as Joint Mandated Lead Arranger (MLA) and Lender for USD 60 million commodity finance trade facility to Meridian Consolidated Investments Limited(Malawi) to finance Meridian' s fertilizer import and sale in four South African Countries.
As of now, the AFC has invested USD 4.5 billion in various projects across 28 African countries. The projects belonged to various sectors such as power, telecommunications, transport and logistics, natural resources, and heavy industries.
Andrew Ali, CEO of AFC expressed his happiness and said," We are delighted to welcome Malawi as a member country of the Corporation. Malawi has a rich pipeline of bankable investments in the infrastructure space, and we are looking forward to exploring these opportunities. We are confident our unique business offering across project advisory, project development and financing in our 5-specialist sectors will go a long way towards closing the infrastructure gap in the country".