Gabon joins Africa Finance Corporation

Gabon is the latest country to become a member of the Africa Finance Corporation (AFC), after signing the Corporation’s Instrument of Accession and Acceptance of membership in Libreville on Tuesday.

Gabon is the 10th country to join the AFC.

Other member states include: Cape Verde; Chad; Ghana; Guinea-Bissau; Guinea; Liberia; Nigeria; Sierra-Leone and The Gambia.

Gabon has an abundance of natural resources, with long-established oil, timber and manganese industries, and one of the world’s largest deposits of iron ore.

However limited infrastructure has been constraining the country’s recent economic development. AFC aims to help address Gabon’s most immediate infrastructure needs, in the transportation, natural resources and power sectors, among others, to assist the country in meeting its full growth potential and in diversifying its GDP and sources of income.

As with all other member states, Gabon’s membership enables AFC to receive preferred creditor status within the country, the benefits of which would reduce AFC’s investment risk, enabling the Corporation to provide more competitive financing solutions.

Read also: African Exchanges move to enhance cross-border investments

Overall, the Corporation has invested over US$2.5 billion in projects across 22 African countries and provides funding and project development expertise in a wide range of sectors including power, telecommunications, transport and logistics, natural resources and heavy industries.

Mr. Régis Immongault, Minister of Economy, Republic of Gabon said “I am delighted to be able to formalise Gabon’s membership of the Africa Finance Corporation, an organisation that is successfully driving growth and development of infrastructure across the continent. The strong track record of the Corporation demonstrates its ability to work with both governments and private sector institutions to deliver innovative financing solutions for projects spanning a large variety of sectors.”

Mr. Andrew Alli, Chief Executive Officer of AFC, welcomed Gabon to the corporation’s membership body.

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