Cameroon becomes Africa Finance Corporation’s 36th Member

By Boris Esono Nwenfor [caption id="attachment_100947" align="alignnone" width="800"] Projects currently being explored by AFC and Cameroon include road modernisation[/caption] Cameroon on Wednesday signed a convention becoming the 36th member of the investment and finance organization, Africa Finance Corporation, AFC. The documents were signed by the Minister of Finance Louis Paul Motaze and the vice president of the AFC, Alice Usanaze with the deal expected to open new avenues of investment opportunities for the Central African nation. Projects currently being explored by AFC and Cameroon include road modernisation and maintenance to boost trade in the region, and financing of agricultural processing facilities to support the export of cotton seeds and soybeans. For Cameroon, joining the corporation opens new funding opportunities, especially as The AFC has already pumped three hundred million US dollars into the country and participated in the modernization of SONARA and the Nachtigal Hydro Power Company, the state broadcaster CRTV reported. In 2018, AFC invested in the Nachtigal Hydro Power Company, a 420MW power station that will boost Cameroon's installed capacity by 30 per cent and slash the cost of power generation. Four years earlier, the Corporation supported the modernisation and expansion of Cameroon’s national refinery, Société Nationale de Raffinage (Sonara). Prime Minister Head of Government Dr Joseph Dion Ngute said: “We are committed to working with the AFC to quickly and sustainably build critical supporting infrastructure that will help with Cameroon’s development.” “Having already invested $300 million in our country, AFC has a proven track record of delivering core infrastructure… We look forward to building upon our existing relationship.” Both parties will be working on key infrastructure to deepen integration, enable import substitution, and develop manufacturing and industrial capacity to account for 40% of GDP, as part of the government’s Vision 2035 program. Africa Finance Corporation, AFC, Africa’s leading infrastructure solutions provider, has to date allocated over US$300 million to Cameroon to capture value from the nation’s natural resources, which include maize, cassava, cotton, cocoa, oil and gas, as well as energy transition metals such as cobalt and nickel. Samalia Zubairu, President and CEO of AFC said: “We are delighted to welcome Cameroon as a member of AFC. Our rapidly expanded membership is a sign of confidence in our past collaborations and demonstrates interest in partnerships and initiatives that will further drive economic development and play a critical role in enabling key infrastructure.” About Africa Finance Corporation AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. Fifteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has invested over US$10 billion in 35 countries across Africa since its inception. www.AfricaFC.org