Africa Finance Corporation eyeing $ 3 bln deals in a year

Nairobi, 14 May – (ANA) -  Africa Finance Corporation (AFC), a Lagos-based development financier, is considering potential investments worth $ 3 billion across sub-Saharan Africa over the next year, its chief executive said on Monday. Created in 2007 to help increase much-needed investments in the key infrastructure, transport and heavy industries sectors in Africa, AFC - 46 percent-owned by seven west African states including Nigeria and Ghana - has already invested $ 500 million in projects worth a total $ 4 billion from Cape Verde to Zambia. "In our sectors we see a lot of opportunities. We are currently reviewing investments totalling $3 billion across the continent. That is what our pipeline is," Andrew Alli told Reuters in the Kenyan capital. "These are projects from Senegal down to Mozambique. Virtually every country in sub-Sahara Africa has a power deficit so there is obviously quite a lot of opportunity in power." Alli said AFC - part of a growing phenomenon of Africans investing in their own continent - also looks for a commercial return on its investments, was looking to conclude the potential deals soon. (ANA)

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