AFC Commits Over N500 Million to the Central Bank of Nigeria Private Sector Coalition Against Covid-19

AFC Commits Over N500 Million to the Central Bank of Nigeria Private Sector Coalition Against Covid-19. As part of its efforts to #FlattenTheCuve, a brand new 100-bed isolation centre and medical facility built and operated by GTBank and the Africa Finance Corporation (AFC) was handed over to the Lagos State Government on March 28th 2020 as additional critical capacity for managing #COVID19 cases in the state.
1 April 2020
Content from our Premium Partner
Africa Finance Corporation (Lagos)
press release

Africa Finance Corporation ("AFC" or "the Corporation"), the leading infrastructure solutions provider, today announces its commitment to provide over N500 million to the Central Bank of Nigeria (CBN) Private Sector Coalition against the Coronavirus pandemic (COVID-19), aimed at targeting interventions in emergency hospitals in Lagos and Abuja. AFC is also providing critical medical supplies to the Nigeria Center for Disease Control (NCDC) to enhance its capacity as it manages the increasing number of COVID-19 cases in Nigeria.

The number of confirmed COVID-19 cases in Nigeria is rapidly rising, and AFC's commitment will go towards building critical temporary medical facilities and procuring medical equipment and supplies for professional treatment and care for people infected by the virus. It will also go towards the prevention of infection in highly affected cities in Nigeria including Lagos and Abuja. The temporary medical facilities will be fully equipped and staffed with adequate health personnel to offer professional treatment and made operational imminently by the relevant State Governments.

The Central Bank of Nigeria (CBN), on behalf of the Banker's Committee and in partnership with private sector led by Aliko Dangote Foundation and Access Bank announced last Friday 27 March, that they had come together to form the Nigerian private sector coalition against COVID-19. This has been formed to combat the unfolding COVID-19 crisis in Nigeria through various committees.

Speaking on the commitment, AFC's President & CEO, Samaila Zubairu said We thank the Board and entire AFC team for the resolve to support initiatives to increase capacity of healthcare facilities to respond to the COVID-19 pandemic through the collaboration with the CBN private sector-led coalition to support the Government's fight against coronavirus. Public-Private Partnerships such as these are key to winning the fight against COVID-19 and we stand in solidarity with the rest of humanity to overcome this health pandemic and unfolding economic crisis.

"Furthermore, we are looking at development support solutions that will improve the resilience of African states in managing the twin challenge of liquidity and solvency resulting from the disruptions triggered by the pandemic. Our solutions will include the tools to plan ahead of the crisis for import substitution and production centers that support the needs of the continent."

At the handover of the facility to the Lagos State Government, Governor Jide Sanwoolu said "On behalf of the people of Lagos we commend the leadership of GTBank, Africa Finance Corporation, Mandilas, Evercare and all other medical suppliers for contributing their time, energy and resources to building a well fitted emergency hospital with an Intensive Care Unit, equipped with ventilators in less than 4 days. We will designate this facility as a Biosecurity Isolation center in a few days."

In addition to the commitment, AFC is putting in place the necessary arrangements towards providing medical supplies for frontline health workers and facilities which will be deployed to different locations in Africa.

Internally, AFC has established a Crisis Management Team (CMT), that has been monitoring the rapidly evolving COVID-19 situation and proposing strategies to ensure the safety of all AFC staff members and their families. Several AFC staff have also made personal contributions to COVID-19 relief efforts across Africa.

The World Health Organization (WHO) has classified coronavirus as a global pandemic with over 600,000 confirmed cases worldwide. The organization recommends the following basic preventive measures against coronavirus; wash hands thoroughly and frequently with soap or use alcohol-based sanitizer as well as maintaining social distance.

About AFC -

AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet of approximately US$5.07 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody's Investors Service. AFC successfully raised US$1,150 million (US$650 million and US$500 million) in 2019, US$500 million in 2017 and US$750 million in 2015 through Eurobond issuances; out of its Board-approved US$3 Billion Global Medium-Term Note (MTN) Programme. All Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA.

AFC's investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested over US$6.2 billion in projects within 30 countries across Africa.

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