Turk Eximbank joins Africa Finance Corporation (AFC) as first non-African shareholder

by MMC
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Turk Eximbank’s investment in AFC is the first in an African entity and aligns with Türkiye’s strategic vision to foster resilient and sustainable growth in Africa, as outlined in the South Africa Partnership Policy. government.

African Financial Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, today announced an equity investment by Turk Eximbank on behalf of the Republic of Turkey, marking a historic milestone in the integration of the company’s first non-African sovereign shareholder .

Capital subscription of Turkey’s official export credit agency advances AFC’s mission to serve as a bridge between Africa and global players seeking to play a key role in development and prosperity from the continent. Turk Eximbank’s investment in AFC is the first in an African entity and aligns with Türkiye’s strategic vision to foster resilient and sustainable growth in Africa, as outlined in the Africa Partnership Policy of the government, highlighting the relevance of the AFC to meet these aspirations. AFC’s unique and proven business model of developing sustainable and impactful projects on the continent with the support of African public and private sector capital makes it a reliable long-term partner to successfully scale AFC’s extensive development agenda. Turkey on the continent.

Turkey has been a staunch ally in Africa’s development process, as evidenced by its position as a strategic partner of the African Union and its fervent advocacy of Pan-Africanism. The country has played a crucial role in catalyzing public and private investment in growth sectors across the continent. Today, Turkey is one of Africa’s major development and trade partners, with trade reaching US$40.7 billion in 2022, up from US$5.4 billion in 2003.

Samaila Zubairu, President and CEO of the AFC, commented: “We are delighted to welcome Turk Eximbank as AFC’s first non-regional sovereign shareholder. This investment not only validates our efforts to address Africa’s infrastructural challenges, but also highlights Turkey’s commitment to fostering South-South cooperation. Demonstrating growing global interest in the AFC’s mission, this prestigious support from a non-African entity of such caliber amplifies our commitment to advancing Africa’s development. Through this partnership, we aim to continue building the infrastructure that will drive industrialization, value capture and retention in Africa, as well as create quality jobs for Africa’s growing population. We look forward to further collaborations with Turkey, a nation that demonstrates a deep commitment to supporting Africa’s growth and prosperity across multiple critical sectors.

Ali Güney, CEO of Turk Eximbank, commented: “We are very pleased to announce our strategic partnership with Africa Finance Corporation. This remarkable investment illustrates our commitment to facilitating substantial collaborations that will provide crucial support to Turkish exporters and construction companies, thereby catalyzing sustainable economic growth and development in both regions, a collaboration that signifies a deep commitment to fostering synergies between Turkey and Africa. We aim to actively contribute to AFC’s strategic initiatives and our commitment goes beyond mere participation, as we strive to strengthen economic ties between Turkey and AFC member states, transcending borders geographical and by maintaining a harmonious, equitable and mutual relationship. enriching.

This investment expands the already existing strong partnerships between AFC Turkey and leading engineering, procurement and construction (EPC) companies for the financing and development of transformational infrastructure projects in Africa. These include the 300 MW gas-fired combined cycle (CCG) plant in Senegal, developed by Calik Enerji, and the development and construction of an 80 MW peat-fired independent power project (IPP). in Rwanda by Hakan Madencilik AS. Most recently, AFC exited its 35% stake in the Ghanaian port of Takoradi to Turkey’s Yilport Holdings, one of the world’s leading port operators. The Company is in ongoing discussions with the Foreign Economic Relations Council of Turkey (DEİK) and the Turkish Entrepreneurs Association, reinforcing its commitment to unlocking new business opportunities and strengthening bilateral trade and cooperation between Turkey and Africa.

AFC is an A3 (Moody’s) rated investment grade institution that has continued over the years to successfully raise funds across a wide range of markets, including the US, UK, UAE, Europe , Japan and South Korea. The AFC has also received equity investments from major African sovereign wealth funds and pension funds, and enjoys support from global multilateral bodies, commercial banks and other financial institutions, as evidenced by recent financial support of the American Development Finance Corporation (DFC), the German DEG and the French Proparco. , FMO Netherlands, China Exim Bank, India Exim Bank and major international and African commercial banks. This international support demonstrates the confidence of global investors in AFC’s strong credit profile and its ability to deliver risk-free, transformational infrastructure projects that propel Africa to its rightful place on the global stage.

Distributed by APO Group for Africa Finance Corporation (AFC).

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