OPEC Fund & Africa Finance Corp sign 50 million dollars loan for continent development

OPEC Fund for International Development and Africa Finance Corp AFC have signed a 50 million dollars loan agreement to finance the development of infrastructure critical to economic growth and job creation across the continent

AFC is a multilateral financial institution with 39 member countries and the 10-year loan will be used to improve connectivity, transportation, logistics, trade and energy access across Africa.

It follows the OPEC fund’s previous 50 million dollars 10-year loan to AFC in January 2021 and is in line with their cooperation agreement signed in 2017.

Director General Dr. Abdulhamid Alkhalifa said Africa “continues to be a key region” for the fund, “with more than 45 percent of their aggregate financing dedicated to the continent.

AFC CEO Samaila Zubairu said the corporation “has enjoyed a long-standing partnership” with the OPEC fund, “and we are delighted to collaborate again to support the work we do in developing critical infrastructure in Africa.

AFC has invested more than 11 billion Dollars in projects in 36 African countries.