Lagos, August 6, 2024: Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, announced today that it has received a new equity investment from Rawbank, a leading banking and financial institution in the Democratic Republic of Congo (DRC). This equity investment is part of AFC’s strategy to mobilize African capital and diversify its capital base. It supports the company’s mission to provide pragmatic solutions to address Africa’s critical infrastructure and industrialization needs.
For nearly two decades, AFC has been committed to driving Africa’s economic transformation and sustainable development, and these significant equity investments not only strengthen the company’s capital base but also expand its reach and impact across the continent. Rawbank’s equity investment follows the DRC government’s capital injection into AFC in 2022, reflecting the Company’s growing footprint in Central Africa.
AFC has mobilized over $200 million in investments in the DRC across key sectors including natural resources, power, transportation, and heavy industry, and has a pipeline of over $850 million in the short and medium term. The company’s most recent transformational investments in the country include the joint development of a 200 MW solar farm with Sky Power Global, leading the development of the Lobito Corridor connecting the DRC and Zambia to global markets via Angola, and the joint development of a mass transit system in Kinshasa to improve mobility across the DRC with Trans Connexion Congo (TCC).
Mustafa Rawji, CEO of Rawbank, said: “Rawbank’s investment in AFC is a crucial milestone for our bank and for the Democratic Republic of Congo as a whole. This is an important step for us, as it is our first equity investment in a multilateral financial institution, and we are confident that it will strengthen 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 be associated with an institution that shares our vision of growth and sustainability.”
“With our shared passion to elevate Africa’s instrumental role as an engine of global growth, I am pleased to welcome Rawbank as our newest shareholder,” said Samaila Zubairu, AFC’s Chief Executive Officer. “It is essential that African institutions play a catalytic role as agents of transformation on the continent, and these equity investments support AFC’s commitment to catalyzing economic growth, value addition, and industrial development in Africa.”
AFC has a diverse investor base that includes African sovereigns, pension funds, and insurance companies, all of which play a critical role in mobilizing the capital the continent urgently needs for its development. Last year, AFC member states Côte d’Ivoire, Benin, and Botswana became shareholders, alongside African institutional investors such as the Caisse Nationale de Prévoyance Sociale (CNPS), Cameroon’s public pension fund, and SBM Capital Market Securities Ltd, a leading Mauritian financial institution. Other shareholders include Egypt, Sierra Leone, and Seychelles, while the Republic of Turkey, through Turk Exim Bank, will become AFC’s first non-regional shareholder in 2023.
About Rawbank
For over 22 years, Rawbank has been at the forefront of economic development in the Democratic Republic of Congo, offering modern financial products and services to over 500,000 clients through a network of 100 branches in 19 provinces. Present in key regions such as Greater Katanga, Greater Kasai, the two Kivus, Equateur, and Kongo Central, and with a representative office in Brussels, Rawbank operates over 300 ATMs. The bank’s dedication to strength, profitability, and sustainability has earned it numerous accolades, including the African Bankers Award for Best Regional Bank in Central Africa in 2022 and 2024, a Moody’s CAA 1 rating, and ISO/IEC certifications.
About AFC
AFC was established in 2007 to be the catalyst for pragmatic investment in infrastructure and industry across Africa. AFC’s approach combines specialized sector expertise with a focus on financial and technical advisory services, project structuring, project development, and venture capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Seventeen years later, AFC has established itself as the partner of choice in Africa for the investment and delivery of high-quality instrumental infrastructure projects that provide essential services in the key sectors of energy, natural resources, heavy industry, transport, and telecommunications. The AFC has 43 member countries and has invested $13 billion across Africa since its inception.
