- Africa Finance Corporation has mobilised over US$200 million in investments in DRC across its key sectors
- The Corporation announced that it received a new equity investment from DRC’s Rawbank
- Rawbank’s equity investment follows the DRC government’s capital injection into AFC in 2022
DRC- The Africa Finance Corporation (AFC) has announced that it has received a new equity investment from Rawbank, one of the Democratic Republic of Congo’s (DRC) leading banking and financial institutions.
This equity injection is aligned with AFC’s strategy to mobilise African capital and diversify its capital base and underpins the Corporation’s mission to deliver pragmatic solutions to Africa’s significant infrastructure and industrialisation requirements.
For almost two decades, AFC has been committed to driving Africa’s economic transformation and sustainable development, and these milestone equity investments not only strengthen the Corporation’s capital base but broaden its reach and impact across the continent.,
Rawbank’e equity investment follows the DRC government’s capital injection into AFC in 2022, reflecting the Corporation’s growing footprint in Central Africa.
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AFC has mobilised over US$200 million in investments in DRC across its key sectors of natural resources, power, transport and heavy industries, holding an investment pipeline of over US$850 million in the near to medium term.
The Corporation’s most recent transformational investments in-country include the joint development of a 200 MW solar farm alongside Sky Power Global, leading the development of the Lobito Corridor connecting the DRC and Zambia with global markets through Angola, and the joint development of a mass transit in Kinshasa to improve across the DRC with Trans Connexion Congo (TCC).
Mustafa Rawji, CEO of Rawbank, commented:
“Rawbank’s investment in AFC is a crucial step for our bank and for the Democratic Republic of Congo as a whole. It is important for us as our first equity investment in a multilateral financial institution, and we are confident that it will strengthen our bank’s financial capabilities, enabling us to finance large-scale projects that can transform the DRC’s economic landscape.”
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Samaila Zubairu, the President and CEO of AFC, welcomed Rawbank as the Corporation’s newest equity shareholder.
“It is critical for African institutions to play a catalytic role as agents of transformation on the continent, and these equity investments support AFC’s commitment to catalysing economic growth, value accretion and industrial development in Africa,” said Zubairu.
Africa Finance Corporation has a diverse equity investor base that includes African Sovereigns, Pension Funds, and Insurance firms, amongst others.
These investors play a critical role in mobilising the capital urgently needed for the continent’s development.
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Last year, AFC’s member states Côte d’Ivoire, Benin and Botswana all became shareholders alongside equity investments from African institutional investors, including Caisse Nationale de Prévoyance Sociale (CNPS), Cameroon’s public pension fund and SBM Capital Market Securities LTD, a leading investment-grade financial institution in Mauritius.
Other shareholders include Egypt, Sierra Leone and Seychelles, while the Republic of Turkey, through the Turk Exim Bank, became AFC’s first non-regional shareholder in 2023.
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