Posted by: APO | 17 July 2015

Africa Finance Corporation (AFC) accredited as a partnering Institution to the Green Climate Fund


Africa Finance Corporation (AFC) accredited as a partnering Institution to the Green Climate Fund

Through partnering with the Green Climate Fund, AFC will have access to valuable resources to support investments across a variety of green projects

LAGOS, Nigeria, July 17, 2015/African Press Organization (APO)/ Africa Finance Corporation (AFC) (http://www.africafc.org) has been accredited as a partnering Institution to the Green Climate Fund (GCF), making it the fund’s first African development finance institution.

Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/afc-1.png

Photo: http://www.photos.apo-opa.com/index.php?level=picture&id=2250
(Andrew Alli, President & Chief Executive Officer, AFC)

AFC was invited by the GCF to consider becoming an accredited institution, and following submission of its application in early 2015, AFC has this month attained full accreditation. Accreditation by the GCF enables AFC to access GCF’s committed capital of US$9.3 billion; a pool of funds for climate change projects to be utilized by members for on-lending, grants, lines of credit, guarantees and other fiduciary functions.

AFC intends to use the fund’s capital to further its investment in renewable energy, a priority sector for the corporation. AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde and the first commercial scale public private partnership wind farm in Sub-Saharan Africa providing over 20% of Cape Verde’ power needs.

The GCF, with headquarters in Songdo Republic of Korea, is a fund operating within the United Nations Framework Convention on Climate Change (UNFCCC). GCF’s objective is to promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change, taking into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change.

Over time, the GCF is expected to become the main multilateral financing mechanism to support climate action in developing countries. With a total of 20 accredited entities, the fund is governed by a Board of 24 members and is initially supported by an Interim Secretariat.

Andrew Alli, President & Chief Executive Officer, AFC commented on the announcement: “This is very positive news as it reinforces AFC’s status as a multilateral financial institution. Through partnering with the Green Climate Fund, AFC will have access to valuable resources to support investments across a variety of green projects, making a significant contribution to the global efforts to combat climate change”.

Distributed by APO (African Press Organization) on behalf of the Africa Finance Corporation (AFC).

For more information contact:

Lucy Savage

Vice President, Communications

Tel: + 234 1 279 9600 Email: lucy.savage@africafc.org

Bell Pottinger

Victoria Geoghegan / Nick Lambert / David Bass / Philip Peck

Tel: +44 20 3772 2500 Email: afc@bellpottinger.com

Notes to Editors

About AFC – www.africafc.org

AFC (http://www.africafc.org), an international investment grade multilateral finance institution, was established in 2007 with a capital base of US$1 billion, to be the catalyst for private sector infrastructure investment across Africa.  With a current capital base of US$2.9 billion, AFC is now the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. In May 2015, AFC successfully concluded a debut US$750 million Eurobond issue which was 7x oversubscribed and attracted investors from Asia, Europe and the USA.

AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

AFC invests in high quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.

AFC has become the benchmark institution for private sector power project development and investment in Africa.

Follow us on Twitter – @africa_finance

SOURCE

Africa Finance Corporation (AFC)


Categories

%d bloggers like this: