Africa’s spiraling infrastructure needs are prompting one of the continent’s key development finance institutions to seek out backing from beyond the region.
Africa Finance Corp., which already counts 31 nations, or more than half the continent, as members, is looking to bring new shareholders on board as part of a strategy to deliver fast-track growth.
In a joint interview, AFC Chief Investment Officer Sameh Shenouda and Sanjeev Gupta, its executive director for financial services, said the bank is courting sovereign entities in the Gulf and Europe to widen the scope for funding an infrastructure shortfall that it estimates at as much as $170 billion across Africa each year.
“We are in discussion with a large European sovereign fund and we are in discussion with one of the largest Gulf-based sovereign funds,” Gupta said. “Both are at an advanced stage.”
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