Agricultural Finance Corporation taps NOCK’s George Kubai to be its new Managing Director

KENYA – Development finance institution Agricultural Finance Corporation (AFC), has appointed George Kubai as its new managing director effective April 2021. Prior to his appointment, Mr Kubai was the General Manager, Downstream Operations at the National Oil Corporation of Kenya (NOCK). The new boss takes over from the lender’s Corporation Secretary Mrs Rose Ochanda who has been the acting Managing Director since the retirement of the long-serving CEO Lucas Meso who stepped down in October 2020 after almost 10 years at the helm. Announcing the appointment, AFC Board Chairman Franklin…

Read More

AFC appoints Sameh Shenouda as new Executive Director and Chief Investment Officer

AFRICA – Africa Finance Corporation (AFC), an investor in infrastructure solutions in Africa, has appointed Sameh Shenouda as its new Executive Director and Chief Investment Officer. Shenouda was most recently the CEO of Zarou, a developer, owner and operator of infrastructure projects in Africa, the Middle East and South Asia that is 100% owned by The Blackstone Group. Previously, he was the Head of Infrastructure at CDC Group Plc, the UK development finance institution. Shenouda built CDC’s direct infrastructure equity business, which, under his leadership, invested in excess of US$1…

Read More

AFC secures US$50m loan from OPEC Fund to build infrastructure needed post-COVID recovery

AFRICA – The OPEC Fund for International Development has supported Africa Finance Corporation (AFC) with a US$50 million loan, the first direct financing co-operation between the two institutions, to help finance and build infrastructure needed for Africa’s post-COVID recovery. The OPEC Fund signed a cooperation agreement with AFC in 2017 and this loan marks the beginning of collaboration on the ground.  The proceeds of the 10-year loan to AFC will help address the continent’s infrastructure financing gap. According to Africa Global Funds, the loan will also support increased financial flows…

Read More

AFC secures US$250m million tier-2 capital loan from DFC to strengthen investment capacity

NIGERIA – Africa Finance Corporation (AFC), a leading infrastructure solutions provider in Africa, has announced that it has successfully secured a US$250 million tier-2 capital loan from U.S. International Development Finance Corporation (DFC). The facility to AFC, which consists of a US$250 million tier-2 capital loan, will strengthen AFC’s investment capacity by enabling it to provide competitive financing solutions for closing Africa’s infrastructure deficit. It also further complements AFC’s strategy of diversifying its investor base.  “Africa and the United States have enjoyed a longstanding partnership spanning several decades. Indeed, AFC…

Read More

UN Women partners Kenya’s AFC to boost women in agriculture

KENYA – UN Women Kenya chapter, in partnership with Kenya’s  agriculture sector lender Agricultural Finance Corporation (AFC), have held a two day business to business forum in Kenya’s coastal city of Mombasa aimed at providing a platform for buyers/agro-dealers and other key stakeholders in the agri–market space to engage with women farmers. The partnership seeks to enhance awareness on local markets and take steps towards mitigating the market risk and open new horizons in matters market for women in agriculture. Speaking during the forum, AFC Head of Credit, Mr. Bonano…

Read More

Kenya’s agriculture sector lender AFC spreads its wing to Marsabit County

KENYA – Agriculture sector lender Agricultural Finance Corporation (AFC), in partnership with non-profit international development organization ACDI-VOCA has launched the construction of the lender’s branch in Marsabit County. The lender has adopted a new strategic direction with financial inclusion being a central pillar under which it seeks to deepen financial inclusion and facilitate access to finance by the previously undeserved segments of the Kenyan market. The pillar has thematic intervention areas targeting youth, women, and faith responsive financial products especially in the Northern region of the country. AFC Board of…

Read More

AFC issues its five year US$700m Eurobond being the first for 2020

AFRICA – Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, has issued a US$700m Regulation S Eurobond (Reg S), the AFC’s first bond issuance in 2020.  The US$700m Eurobond, maturing June 16, 2025, carries a coupon of 3.125%. The bond received strong global interest across Europe, Asia and the Middle East despite the challenging global economic backdrop, leading it to being 3 times over-subscribed.  “AFC is pleased with the placement of our most recent Eurobond, which reflects market confidence in AFC’s strategy and execution and demonstrates African issuers’…

Read More

Brighter Life Kenya gets US$65m financing from SFC and d.light

KENYA – Solar Frontier Capital Limited (SFC), a wholly-owned susidiay of African Frontier Capital (AFC) and d.light design Inc., a global innovator of solar energy products, have jointly announced the establishment of a KSh 6.9 billion (US$65 million) financing vehicle, Brighter Life Kenya 1 Limited (BLK1).    The BLK1 is an off-balance sheet financing vehicle, newly incoporated in Jersey, which will be dedicated to acquiring pay-as-you-go (PAYGO) Solar Home System (SHS) accounts receivables from d.light’s Kenyan subsidiary, d.light Limited to provide the company with flexible, working capital to finance its continued…

Read More

Global investors back Djibouti’s development of 60MW wind farm

DJIBOUTI – Africa Finance Corporation (AFC), Climate Fund Managers (CFM), FMO, the Dutch entrepreneurial development bank and Great Horn Investment Holdings (GHIH) have announced a landmark investment for the construction and operation of a 60MW wind farm in the Ghoubet area, near Lake Assal in Djibouti. Development of the 60MW wind project kicked-off in 2017 by AFC, CFM, as manager to Climate Investor One’s (CIO) Construction Equity Fund, FMO (together “the Consortium”) and local developer Great Horn Investment Holdings (GHIH). Institutional expertise of individual Consortium members played a defining role…

Read More

Danakali secures US$50 million investment from Africa Finance Corporation

ERITREA – Danakali, a company developing the Colluli Potash Project, has secured a further US$50 million investment from its ally Africa Finance Corporation (AFC), which will allow it to speed up development of its world-class Colluli Sulphate of Project (SOP) in Eritrea.  The company has entered into a subscription agreement with AFC for a placement of fully paid ordinary shares to raise the funds needed to begin production of SOP, a premium grade fertilizer, in 2022. Upon the placement’s completion, AFC will hold 32% of Danakali, granting the company’s rights…

Read More