Oct 24, 2014
The Africa Finance Corporation (AFC) has secured a US$ 100 million long term loan facility from J.P. Morgan, the U.S. Government’s development finance institution, and Overseas Private Investment Corporation (OPIC). AFC is an African-led investment grade rated multilateral development finance institution, established in 2007, to be the catalyst for private sector infrastructure investment across Africa by proactively developing and financing infrastructure, industrial and financial assets.
“We are delighted with OPIC’s and J.P. Morgan’s show of faith in the AFC business model and support for our commitment to providing an African led, private sector driven contribution to bridging Africa’s infrastructure divide,” said Andrew Alli, AFC President and CEO. “We will leverage OPIC’s and J.P. Morgan’s support to further the development of our infrastructure portfolio across Africa.”
J.P. Morgan is the first U.S. private sector financial institution to provide a co-financing structure with OPIC to the AFC. “This is a great opportunity to continue to support and contribute to sustainable economic development on the African continent,” said Marc Hussey, Managing Director and J.P. Morgan’s joint Senior Country Officer for Sub-Saharan Africa.”