Africa Finance Corporation is Restructuring its Equity Holding for non-African Sovereigns
A contemporary office building representing Africa’s growing economic power and the wealth of its top billionaires in 2024.
The Lagos-based multilateral lender, which took on Turkey’s Exim Bank as its first non-regional equity holder in December, has held early talks with future sovereign investors including United Arab Emirates, Qatar, and Saudi Arabia as it looks for long-term partners focused on African development. AFC was founded as a multilateral financial institution in 2007, via a treaty among African countries to address the continent’s infrastructure and energy deficits among other areas. It was initiated by Nigeria under the administration of then President Olusegun Obasanjo, which retains a 40% plus stake in the Lagos-based firm via the country’s central bank.