Pan-African infrastructure solutions provider, Africa Finance Corporation (AFC) secured a new equity investment from the Democratic Republic of Congo (DRC)-based financial institution, Rawbank.
The investment aligns with AFC’s strategy to diversify its capital base and enhance the mobilization of capital for African projects.
“It is critical for African institutions to play a catalytic role as agents of transformation on the continent and these equity investments support AFC’s commitment to catalysing economic growth, value accretion, and industrial development in Africa,” stated Samaila Zubairu, President & CEO of AFC.
The capital injection marks Rawbank’s first venture into a multilateral financial institution and enhances the firm’s contribution to economic growth in the DRC, through participation in large-scale projects, according to Mustafa Rawji, CEO of Rawbank.
The milestone follows the DRC’s government joining the AFC as an equity investor in 2022 and the AFC directing over $200 million in funding for natural resources, power transport and heavy industries projects in the east African country. The AFC holds an investment pipeline of over $850 million in the short to medium term in the DRC.