The Africa Finance Corporation (AFC), a pan-African multilateral development and lending institution, has signed a high profile agreement with the International Finance Corporation (IFC) that will expose the continent to lucrative investment opportunities.
The AFC has this month become the 30th member of the Master Cooperation Agreement (MCA) at the World Bank’s Annual Meetings in Washington DC.
Created by the International Finance Corporation’s in 2009, the MCA seeks to enhance cooperation among member development finance institutions (DFIs). Other MCA signatories include the United Kingdom’s financial institution, CDC Group; the Netherland’s private development bank, FMO and Sweden’s Swedfund.
In addition to increased collaboration with other MCA signatories, AFC stands to benefit in several ways through this accession. This includes an increased deal flow and access to a robust pipeline of project opportunities, increased administrative efficiencies and deal processing, as well as AFC’s overall enhanced relationship with the IFC itself.
“AFC has long believed in the efficacy of collaboration in accelerating infrastructure development,” Andrew Alli, President and Chief Executive Officer of AFC, commented.
“In acceding to the MCA, we are demonstrating our commitment to establishing further collaboration with our peers that will ensure we close Africa’s infrastructure gap at an expedited rate,” added Alli.
“The MCA was founded in the aftermath of the 2008 financial crisis to facilitate large-scale infrastructure projects, and it has demonstrated significant capacity to deliver results for Africa,” said Jingdong Hua, Vice President and Treasurer of the IFC.
The official signing ceremony took place on October 13th 2017, on the sidelines of the 2017 World Annual Meetings in Washington DC, USA.
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SOURCE: Footprint To Africa