Africa Finance Corp to invest at least $1 bln in Egypt – official

Africa Finance Corporation (AFC), a Lagos-based development financier, plans to invest $1 billion or more in Egypt in the near future, said its executive director Sameh Shenouda on Tuesday.

Shenouda’s remarks followed an announcement made by AFC about Egypt’s joining the corporation as the first North African sovereign shareholder.

Established in 2007 by West African states such as Nigeria and Ghana to invest in infrastructure projects across the continent, AFC has a balance sheet of more than $5 billion.

AFC’s anticipated investments in Egypt will be in infrastructure projects, including renewable energy, natural gas, and heavy industries sectors, he added.

“We already have partners in some projects (in Egypt), including the Egyptian company, Infinity and UAE Masdar to build five solar power plants in the Benban solar park. We also have investments in phosphates with the Egyptian government.” Shenouda further told Al Arabiya.

He added that AFC is conducting discussions with the Sovereign Fund of Egypt (TSFE) to invest in a number of projects.

AFC may also act as a guarantor for Egypt’s international bond issuance plan, given the fact that the corporation has the second highest credit rating in Africa from Moody’s agency.

“For this, we are currently holding discussions with the ministry of finance and the Central Bank of Egypt,” Shenouda said.