Published: October 24, 2014
African development finance institution secures US$100mn for new infrastructure investments.
The Africa Finance Corporation (AFC) has secured a US$100mn loan from the Overseas Private Investment Corporation (OPIC) and JP Morgan.
The African development finance institution will in turn inject the new capital into private-sector-led infrastructure projects on the continent.
OPIC is contributing US$75mn to the loan, with the remainder coming from JP Morgan.
AFC chief executive Andrew Alli said in a statement announcing the deal that the continent faces an investment deficit of more than US$40bn a year over the next decade. Elizabeth Littlefield, OPIC’s president and CEO, added: “OPIC has been clear that the public resources alone cannot meet the demands in Africa’s power generation and infrastructure sectors. We must engage the private sector.”