Turk Eximbank Becomes First Non-African Shareholder of African Finance Corporation

On 29 December 2023, the African Finance Corporation (AFC) announced that Turk Eximbank invested to become the first non-African sovereign shareholder.

“Through this partnership, we aim to continue building the infrastructure that will foster industrialization, value capture and retention in Africa as well as create quality jobs for Africa’s growing population. We eagerly anticipate further collaborations with Türkiye, a nation that demonstrates a profound dedication to supporting Africa’s growth and prosperity in multiple critical sectors.”

AFC CEO Samaila Zubairu

In a statement, Turk Eximbank justified its participation in AFC because the vision of AFC is aligned with Turkiye’s strategic vision to foster sustainable and resilient growth in Africa, as outlined in the Turkiye’s African Partnership Policy.

The proven track record of AFC to develop sustainable and impactful projects in Africa makes it a natural partner to support Turkiye’s development and cooperation agenda on the continent. Turkiye is a strong proponent of Pan-Africanism and a long-standing partner of Africa.

As evidence of its commitment to AFrica, Turkiye development programs in Africa grew from USD 5.4B in 2003 to USD 40.7B in 2022.

Turk EXIM Bank
Turk EXIM Bank

Some of the flagship cooperation projects between Turkiye and Africa in recent years include:

  1. 300 MW Combined Cycle Gas Power Plant in Senegal
  2. 80 MW Peat Power Plant in Rwanda
  3. Takoradi Port in Ghana

AFC was created in 2007 and is headquartered in Lagos, Nigeria. Currently, AFC has 42 member countries and has cumulated USD 13 billion of investment across since its inception

In addition to Turk Eximbank, AFC partners with US Development Finance Corporation, Germany Deutsche Investitions und Entwicklungsgessellschaft (DEG), France Proparco, Netherland FMO, China Eximbank, India Eximbank and other Development Finance Institutions (#DFI).

. The AFC has been able to mobilize both public and private funds to realize projects in transport, telecoms, power, heavy industries and natural resources, often accompanied by structural uplift in the target country.