Rwanda, Uganda raise AFC’s membership to 13

Rwanda and Uganda have emerged the first countries from East African to become members of Africa Finance Corporation (AFC), a leading development finance institution for infrastructure projects in the continent.

Rwanda signed the corporation’s instrument of accession and acceptance of membership on November 4, while Uganda joined on November 6, to bring AFC’s total membership to 13.

AFC’s other members are Cape Verde, Chad, Côte d’Ivoire, Gabon, the Gambia, Ghana, Guinea-Bissau, Guinea, Liberia, Nigeria and Sierra-Leone.

The accession of these countries marks a significant milestone in AFC’s mission to address Africa’s pressing infrastructure needs and build the foundations for robust economic development across the continent.

To date, the corporation has invested $2.6 billion in projects across 24 African countries and in a wide range of sectors, including power; telecommunications; transport and logistics; natural resources; and heavy industries.

Chief Executive Officer of AFC, Andrew Alli, while commenting on the expanded membership, said that “by improving the infrastructure of these fast-emerging East African economies, we hope to facilitate closer intraregional trade links, a goal that can only be achieved if the adequate transport, telecommunications networks and power supply are in place. This is where AFC steps in, and we are excited by the challenges and opportunities that lie ahead.”

He added that “lack of essential infrastructure remains a critical constraint across Africa” explaining that “over 620 million people do not have access to reliable electricity.