FinDev Canada provides $100m loan to Africa Finance Corporation
The financing will help advance renewable power and transport initiatives.
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Canada’s development finance institution FinDev Canada has announced a $100 million loan to Africa Finance Corporation (AFC), an infrastructure financier.
FinDev Canada’s facility will enable AFC to support a pipeline of climate finance projects, such as a solar PV and wind power development in sub-Saharan Africa. Additionally, the facility will support the development of low-carbon, railway infrastructure for an inter-urban metro transportation project in the Democratic Republic of Congo.
“This transaction represents an opportunity for FinDev Canada to support a leading solutions provider financing critical infrastructure in sub-Saharan Africa and an important step towards expanding our market presence in the region. We are proud to invest in an institution which aligns with our impact development goals, particularly market development and climate and nature action,” said Paulo Martelli, VP and chief investment officer at FinDev Canada.
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