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Project Summary Note - The Africa Finance Corporation (AFC) - Multinational
Founded in 2007, the Africa Finance Corporation (“AFC” or “the Corporation”) is a multilateral development financial institution dedicated to infrastructure financing in Africa, through debt, equity, project development, financial advisory and treasury management services. The Corporation focuses on bridging Africa's large infrastructure deficit by financing projects with high developmental impact and economic growth. AFC’s mission is to foster industrial development of African countries, while delivering a competitive return on investment to its shareholders. As part of its mandate, the corporation focuses on investing in the core infrastructure sectors of power, natural resources (oil/gas and mining), transport, heavy industry1 and telecommunication, which it believes are critical pillars for economic growth across the continent. AFC’s initial capital has been provided by Nigeria through the Central Bank of Nigeria (CBN) (42.2%). Other shareholders include major commercial banks, financial institutions and private investors (57.8%). Recent additions to the shareholding of AFC include the Government of Ghana and the Africa Reinsurance Corporation (AfricaRe). The Corporation was created by two constitutive legal instruments: (i) the Establishment Agreement and (ii) the Charter. The Establishment Agreement is made among sovereign states, which sign an instrument of accession and acceptance of membership, giving the Corporation its "supranational" status. As of date, AFC has twenty (20) Member Countries2.