31 October 2012

Africa: Chad Joins Africa Finance Corporation

The Africa Finance Corporation (AFC) said Chad is the newest member of the corporation. Chad had on September 26, 2012, signed the Instrument of Accession and acceptance of membership of AFC, according to a statement Monday.

The government of Chad stated: "Africa has been in need of an international organisation of this calibre, driven by capable African professionals that will address the scale of Africa's infrastructure requirement and make the investment in and advancement of African infrastructure a priority.

"The corporation's commendable track record in partnering with governments in Nigeria, Ghana, Cape Verde, Côte d'Ivoire, Kenya, Malawi, South Africa, Zambia and Ethiopia, to provide innovative financing solutions in natural resources, power and transport is validation of the value of such an international organisation, and is why Chad is delighted to be joining as a member."

Welcoming Chad as the eighth member of the infrastructure finance institution, the AFC's President/Chief Executive Officer, Mr. Andrew Alli, expressed AFC's appreciation to The Republic of Chad for acceding to membership of the corporation.

Alli further described Chad's membership as critical in AFC's quest to be a leading multilateral finance institution in Africa, by driving the fast-tracking of Africa's economic development through proactively creating, acquiring and managing infrastructure, industrial and financial assets. Chad joins other African countries, notably Nigeria, Ghana, The Gambia, Guinea, Guinea-Bissau, Liberia and Sierra-Leone as member states of AFC.

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