Egypt becomes first North African state to acquire shareholding in Africa Finance CorporationCAIRO - Egypt has become the first North African state to acquire sovereign shareholders in Africa Finance Corporation. This new investment by Egypt will help AFC diversify its equity investor base. An AFC Member State, Egypt’s equity commitment and its imminent representation on the AFC Board of Directors enhances the Corporation’s pan-African spread of shareholders and diversified Board and management, which now includes governments, development finance institutions, and institutional investors. In 2022 alone, AFC onboarded Sierra Leone, the Democratic Republic of Congo, Cote d’Ivoire, South Africa’s Public Investment Corporation, and the pension funds of Mauritius and Seychelles as shareholders. That is in addition to US$265 million of existing investments by AFC in Egypt.

Source: The North Africa Journal March 07, 2023 23:59 UTC