Mohammed Shosanya
Africa Finance Corporation AFC,the infrastructure solutions provider in Africa, and Japan Bank for International Cooperation JBIC,have signed a Memorandum of Understanding (MOU) to collaborate on infrastructure projects that contribute to accelerating energy transition in Africa and promoting economic sustainability on the continent.
This agreement was signed on the sidelines of the 58th Annual Assembly of the African Development Bank in Egypt.
This collaboration aims to develop and finance infrastructure projects on the continent that contribute to accelerating Africa’s path to net-zero in a pragmatic way. Priority projects include renewable energy technologies/systems (including green and blue hydrogen and ammonia), highly energy-efficient powerplants and carbon capture and storage (CCS) technology amongst others,a statement said.
The statement quoted Sanjeev Gupta, Executive Director & Head of Financial Services, Africa Finance Corporation, as saying that: “Partnerships with like-minded financial institutions like JBIC are critical in mobilizing the capital and expertise needed to achieve a pragmatic path to net zero in Africa. Through this collaboration, we envision a transformative alliance that harnesses the expertise, resources, and innovative financing solutions of both institutions, to drive a greener future for the continent whilst continuing to advocate for African industrialization.”
Japan has been an important partner for AFC in fulfilling its commitment to building critical infrastructure in Africa that transforms lives.
Last year, AFC successfully closed a US$389 million dual currency Samurai term loan facility (split into US$382 million and JPY ¥1 billion), its second foray into the Japanese capital markets.
