Cameroon joins Africa Finance Corporation to push towards manufacturing economy
Cameroon is partnering with the Africa Finance Corporation (www.AfricaFC.org) to create infrastructure that will help transform the economy into a manufacturing hub based on exports mainly of raw minerals, which will stimulate the creation of jobs, skills transfer and increased export earnings.
Join as AFC 36e A member state, Cameroon will work with the Company on key infrastructure to deepen integration, enable import substitution, and develop manufacturing and industrial capacity to account for 40% of GDP, under the government’s Vision 2035 program. AFC, the leading provider of infrastructure solutions in Africa, has to date allocated more than $300 million to Cameroon to add value to the country’s natural resources, including maize, cassava, cotton, cocoa, petroleum and gas, as well as energy transition metals such as cobalt. and nickle.
Cameroonian Prime Minister Joseph Dion Ngute said, “We are committed to working with AFC to quickly and sustainably build critical support infrastructure that will contribute to Cameroon’s development.”
With a mission to solve the continent’s most pressing challenges, AFC has invested more than US$10 billion over the past 15 years, using its unique access to global capital markets to drive development, integrate regional economies and transform Lives. Through its ecosystem investment approach, AFC has developed and financed projects such as Africa’s first carbon-neutral industrial zone, the Nkok Special Economic Zone, which has made Gabon the largest exporter of veneer wood. worldwide, generating $1 billion in annual export revenue and creating more than 30,000 jobs. With an investment of $150 million, the approach is being replicated by the Arise platform in Benin and Togo to generate $750 million and $2 billion in additional GDP, respectively.
The AFC has partnered with 17 additional countries over the past four years, with Angola and Tunisia joining this year. Benefits to member countries include increased investment allocation, preferred access to AFC structuring and lending solutions, reduced project debt costs, and project advisory and development services of the society.
The largest economy in the Central African Economic and Monetary Union (CEMAC), Cameroon’s membership extends AFC’s footprint to cover more than half of Central Africa, encompassing Chad, Congo-Brazzaville, the Democratic Republic of Congo and Gabon.
AFC Chief Executive Officer Samalia Zubairu said, “We are delighted to welcome Cameroon as a member of AFC. Our rapidly expanding membership is a sign of confidence in our past collaborations and demonstrates an interest in partnerships and initiatives that will further drive economic development and play a vital role in building key infrastructure.
Projects currently being explored by AFC and Cameroon include upgrading and maintaining roads to boost trade in the region, and financing agricultural processing facilities to support the export of cottonseed and soybeans.
In 2018, AFC invested in the Nachtigal Hydro Power Company, a 420 MW power plant that will increase Cameroon’s installed capacity by 30% and significantly reduce the cost of electricity generation. Four years earlier, the Company had supported the modernization and expansion of Cameroon’s national refinery, Société Nationale de Raffinage (Sonara).
The Cameroonian government is looking to public-private partnerships to help build infrastructure that can create more enrichment opportunities and have a real impact on its diverse population.
“Having already invested $300 million in our country, AFC has a proven track record in providing basic infrastructure,” Prime Minister Ngute said. “We look forward to strengthening our existing relationship.”
Distributed by APO Group for Africa Finance Corporation (AFC).
Media inquiries:
Yewande Thorpe
Communication
African Finance Corporation
Mobile: +234 1 279 9654
E-mail: [email protected]
Gavin Serkin
New Markets Media & Intelligence
Telephone: +44 20 3478 9710
E-mail: [email protected]
About AFC:
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialized sector expertise with a focus on financial and technical advisory, project structuring, project development and venture capital to meet Africa’s infrastructure development needs and drive a sustainable economic growth.
Fifteen years later, AFC has earned a reputation as the partner of choice in Africa for investing in and delivering high-quality instrumental infrastructure assets that deliver essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport and telecommunications. AFC has invested over US$10 billion in 35 African countries since its inception. www.AfricaFC.org
This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been verified or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.
