{"id":582403,"date":"2023-03-08T00:00:00","date_gmt":"2023-03-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/afc-lines-up-usd-1-bn-investment-after-egypt-becomes-paid-up-member\/"},"modified":"2023-03-08T00:00:00","modified_gmt":"2023-03-08T00:00:00","slug":"afc-lines-up-usd-1-bn-investment-after-egypt-becomes-paid-up-member","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/afc-lines-up-usd-1-bn-investment-after-egypt-becomes-paid-up-member\/","title":{"rendered":"AFC lines up USD 1 bn+ investment after Egypt becomes paid-up member"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">AFC plans to invest USD 1 bn in Egypt\u2019s energy + industrial sectors:<\/span><span style=\"\"> The Africa Finance <\/span><span style=\"\">Corporation (AFC) has identified an \u201cimmediate project pipeline\u201d of investments worth more than USD 1 bn in Egyptian infrastructure projects, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/AFC_-Egypt-equity_EN-1.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"\"> yesterday.<\/span><span style=\"\"> <\/span><span style=\"font-weight:400;\">The projects are in the renewable energy, natural gas, heavy industries, tech, telecoms, banking, and finance sectors, it said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019re now a fully paid-up member of the AFC: <\/span><span style=\"\">Egypt has made an unspecified equity investment in the pan-African multilateral development institution, becoming its first North African sovereign shareholder, according to the statement. <\/span><span style=\"\">The corporation had not updated its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.africafc.org\/about-us\/our-company\/shareholders\" style=\"\">shareholder information<\/a><\/span><span style=\"font-weight:400;\"> on its website at the time of writing.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">The House of Representatives in December <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/19\/house-passes-amendment-giving-foreign-tax-authorities-access-to-expats-financial-info-91621\/\" style=\"\">greenlit plans<\/a><\/span><span style=\"\"> for Egypt to join the multilateral lender, which were <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/08\/29\/egypt-in-line-to-join-africa-finance-corporation-potentially-unlocking-fresh-investment-51696\/\" style=\"\">approved by cabinet<\/a><\/span><span style=\"\"> a year earlier. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/07\/28\/enterprise-talks-to-samaila-zubairu-president-and-ceo-of-the-africa-finance-corporation-48165\/\" style=\"\">Speaking with Enterprise<\/a><\/span><span style=\"\"> back<\/span><span style=\"font-weight:400;\"> in July 2021, AFC President and CEO Samaila Zubairu said that Egypt\u2019s membership would put the country in line for more than USD 1 bn in big-ticket investments, way beyond the few sub-USD 100 mn investments received as non-members. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">On renewables, think Lekela:<\/span><span style=\"\"> AFC will primarily look to invest in firms where it has \u201cinflue<\/span><span style=\"\">nce <\/span><span style=\"\">and representation on the board,\u201d Executive Director and Chief Investment Officer Sameh Shenouda was quoted as telling <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3yCvYcB\" style=\"\">Al Arabiya<\/a><\/span><span style=\"\">. AFC and our friends at renewables player Infinity Group agreed to acquire 100% of pan-African renewables firm Lekela Power from private equity firm Actis and Irish wind \/ solar developer Mainstream Renewable Power last summer, in a transaction that reportedly valued the company at USD 1.5 bn. AFC and Infinity last year said they want to raise USD 2.5-4 bn over the next four years to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/07\/27\/infinity-afc-eye-usd-4-bn-to-double-lekelas-capacity-76641\/\" style=\"\">double the capacity<\/a><\/span><span style=\"font-weight:400;\"> of Lekela. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AFC is also in talks with the Sovereign Fund of Egypt regarding \u201cmore than one project,\u201d <\/span><span style=\"\">Shenouda told Al Arabiya. The central bank and the Finance Ministry are also in discussions with AFC for it to act as a guarantor on international bond issua<\/span><span style=\"\">nces, he added. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renewables, gas, heavy industry, tech and finance could receive funding.<\/p>\n","protected":false},"author":1,"featured_media":582404,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[798,72,276,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-africa-finance-corporation","tag-enterpriseam","tag-finance-ministry","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"f333eabd-fc35-41b9-b1d6-7ba6b1649bfb","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Talaat-Harb-Square-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Africa Finance Corporation to invest USD 1 bn in Egypt","related_issue":[582394],"teaser":"Renewables, gas, heavy industry, tech and finance could receive funding.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.7ff4f4f9-f4ee-4c6a-babe-8a597e8a20df.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The Finance Ministry will represent Egypt at the corporation\u2019s headquarters in Lagos. The AFC offers investment and other support\u2026","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613603,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/govt-is-getting-usd-250-mn-to-boost-food-energy-security\/","url_meta":{"origin":582403,"position":1},"title":"Gov\u2019t is getting USD 250 mn to boost food + energy security","author":"enterpriseam admin","date":"17 January 2024","format":false,"excerpt":"The loan will be equally split between the EGPC and GASC","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1374.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548133,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/infinity-afc-eye-usd-4-bn-to-double-lekelas-capacity\/","url_meta":{"origin":582403,"position":2},"title":"Infinity, AFC eye USD 4 bn to double Lekela\u2019s capacity","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"Infinity + AFC plan USD 4 bn investment to double Lekela\u2019s capacity: Our friends at renewables player Infinity Group and Africa Finance Corporation (AFC) want to raise USD 2.5-4 bn over the next four years to double the capacity of the newly-acquired Lekela Power, AFC CEO Samaila Zubairu told Bloomberg\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/282.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543488,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/afc-wants-to-invest-usd-250-mn-in-monorail-high-speed-rail-projects\/","url_meta":{"origin":582403,"position":3},"title":"AFC wants to invest USD 250 mn in monorail, high-speed rail projects","author":"enterpriseam admin","date":"3 February 2022","format":false,"excerpt":"Multilateral lender Africa Finance Corporation (AFC) is looking to partially bankroll our monorail and high-speed train projects with a USD 250 mn facility, Al Mal quoted Sameh Shenouda, AFC\u2019s executive director and CIO as saying. The Transport Ministry is currently looking into AFC\u2019s proposal, but the two sides have not\u2026","rel":"","context":"In &quot;Transport&quot;","block_context":{"text":"Transport","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/transport\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604975,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/egypts-carbon-holdings-inks-equity-framework-agreement-for-tpc-with-african-finance-corp\/","url_meta":{"origin":582403,"position":4},"title":"Egypt\u2019s Carbon Holdings inks equity framework agreement for TPC with African Finance Corp.","author":"enterpriseam admin","date":"18 December 2018","format":false,"excerpt":"CLARIFICATION- Carbon\u2019s TPC inks equity framework agreement: Tahrir Petrochemicals Corporation and Lagos-based Africa Finance Corporation (AFC) have signed a USD 1.25 bn equity subscription framework agreement for its c. USD 11 bn petrochemicals project, slated to become the largest of its kind in the region, Carbon Holdings said in a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603145,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/603145\/","url_meta":{"origin":582403,"position":5},"title":"CORRECTION- We incorrectly said in\u2026","author":"enterpriseam admin","date":"16 April 2019","format":false,"excerpt":"CORRECTION- We incorrectly said in yesterday\u2019s issue that the USD 5.4 bn Carbon Holdings raised for its USD 10.9 bn Tahrir Petrochemicals Complex (TPC) included USD 1.25 bn from the Lagos-based African Finance Corporation and USD 3.1 bn in standby funding from Chinese lenders. 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