Africa Finance Corporation (AFC), the continent’s foremost infrastructure solutions provider, has announced a new equity investment from Rawbank, one of the leading banking and financial institutions in the Democratic Republic of Congo (DRC). This equity infusion aligns with AFC’s strategy to mobilise African capital and diversify its capital base, reinforcing the Corporation’s mission to deliver practical solutions to Africa’s pressing infrastructure and industrialisation needs.
For nearly two decades, AFC has been at the forefront of driving Africa’s economic transformation and sustainable development. These significant equity investments not only bolster the Corporation’s capital base but also extend its reach and impact across the continent. Rawbank’s investment follows the DRC Government’s capital contribution to AFC in 2022, marking the Corporation’s expanding presence in Central Africa.
AFC has mobilised over US$200 million in investments within the DRC across key sectors, including natural resources, power, transport, and heavy industries, and maintains an investment pipeline exceeding US$850 million in the near to medium term. Among its most recent transformative investments in the country are the joint development of a 200MW solar farm with Sky Power Global; leading the development of the Lobito Corridor, which connects the DRC and Zambia with global markets via Angola; and the collaborative development of a mass transit system in Kinshasa to enhance mobility across the DRC in partnership with Trans Connexion Congo (TCC).
Mustafa Rawji, CEO of Rawbank, commented, “Rawbank’s investment in AFC represents a pivotal moment for both our bank and the Democratic Republic of Congo. This marks our first equity investment in a multilateral financial institution, and we are confident that it will enhance our bank’s financial capabilities, enabling us to finance large-scale projects that have the potential to transform the DRC’s economic landscape. We are proud to align ourselves with an institution that shares our commitment to growth and sustainability.”
“With our shared commitment to positioning Africa as a key driver of global growth, I am delighted to welcome Rawbank as our latest equity shareholder,” said Samaila Zubairu, President & CEO of AFC. “It is essential for African institutions to play a transformative role on the continent, and these equity investments underscore AFC’s dedication to catalysing economic growth, value creation, and industrial development in Africa.”
AFC’s diverse equity investor base includes African sovereigns, pension funds, and insurance firms, all of whom play a crucial role in mobilising the capital urgently needed for the continent’s development. Last year, AFC member states Côte d’Ivoire, Benin, and Botswana became shareholders, alongside equity investments from African institutional investors such as Cameroon’s public pension fund, Caisse Nationale de Prévoyance Sociale (CNPS), and SBM Capital Market Securities Ltd., a leading investment-grade financial institution in Mauritius. Other shareholders include Egypt, Sierra Leone, and Seychelles, while the Republic of Turkey, through Turk Exim Bank, became AFC’s first non-regional shareholder in 2023.
