AFC to invest $3b in Africa’s mining, trade sectors

• Published On: 06 December 2024 at 14:44

Africa Finance Corp. plans to invest more than $3 billion in Africa next year, focussing on improving the region's mining and trade sectors.

AFC stated that it intends to prioritise advancing existing infrastructure projects, such as the multimillion-dollar railway connecting Zambia's mines to the Lobito port in Angola.

According to Chief Executive Officer Samaila Zubairu, the institution plans to invest in agricultural, electrification, eco-tourism, food security, and renewable energy projects.

According to Zubairu, the AFC is also looking to invest in agriculture, electrification, eco-tourism, food security, and renewable energy.

"Our aspiration is to continue to support the build-out of the infrastructure that will enable Africa to industrialise, help us address our challenges of poverty, inequality and unemployment and we can only do that by creating jobs," according to an interview with Bloomberg Television.

According to Zubairu, Africa's rich mineral, metal, and renewable energy reserves make it a "significant investment proposition" for countries and regions such as the United States, India, the European Union, and the Persian Gulf.

"We're going to need 2 million trucks" for the trade zone, Zubairu stated. "Our plan is not to use diesel trucks; instead, we want to use electric trucks. We have the entire battery-mineral value chain here. We're looking into how to create a battery process here, and eventually we'll do cells."

AFC is a multilateral financial institution founded by African sovereign states to provide practical solutions to the continent's infrastructure challenges and difficult operating environment.