The African Development Bank (AfDB) has approved a $200 million line of credit (LOC) for the Nigeria-based Africa Finance Corporation (AFC) to catalyse investments and create partnerships to help bridge Africa’s infrastructure gap.
In a statement March 13, 2012, the Tunis-based Bank said the credit was approved by its Board of Directors on February 15, 2012.
Beyond the projects that the LOC will directly finance, the AfDB noted is that its support to AFC is expected to generate much broader development outcomes in the long term.
The projects will be in the sectors of roads, ports, power, fertilizers and cement.
By Ekow Quandzie