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Africa Finance Corporation Diversifies Shareholders with Equity from Côte d’Ivoire, Mauritius and AfricaRe

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Africa Finance Corporation

This fresh capital injection demonstrates how governments, pension funds and insurers are stepping up investment in Africa

LAGOS, Nigeria, December 12, 2022/APO Group/ — 

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, announces a boost to its share capital following a combined US$38 million equity injection from the government of Côte d’Ivoire, through the Ministry of Economy and Finance; the government of Mauritius, via the National Pension Fund (NPF) and National Savings Fund (NSF); and the Africa Reinsurance Corporation (AfricaRe).

This fresh capital injection demonstrates how governments, pension funds and insurers are stepping up investment in Africa, opening a multi-billion dollar pool of treasury, retirement and insurance assets to help address the continent’s infrastructure and industrial development needs.

Côte d’Ivoire

Côte d’Ivoire has benefited from over €700 million of investment from AFC in transformative projects, including the Henri Konan Bédié Bridge, a six-lane, 1.5 km toll bridge, and 6.6 km of access roads, which have improved traffic flow in Abidjan. The Corporation is also a financing partner to Société Ivoirienne de Raffinage (SIR), the largest and most sophisticated operational refinery in West Africa, acting as the sole mandated lead arranger of a €577 million debt financing facility as part of SIR’s successful long-term restructuring plan. Further funding from AFC is going into construction of the 44-MW Singrobo hydroelectric power plant, a project to increase Côte d’Ivoire’s overall power capacity, reduce generation costs and advance the renewable energy mix. AFC is also a lead investor in Côte d’Ivoire’s Integrated Industrial Platform (IIP), an industrial platform focused on agro-processing, notably cocoa, cotton and cashew, partnering with Arise IIP (an investee company of AFC) and the Ivoirian government.

“The significant level of investment in our country is proof that AFC lives up to its reputation as one of the leading infrastructure solution providers on the continent,” said Hon. Adama Coulibaly, Minister of Economy and Finance. “Becoming a shareholder is one of many steps to reinforce and solidify the relationship between the government of Côte d’Ivoire and the AFC. We are pleased to invest in AFC as the Corporation has proven its mandate as an African organization with a passion for infrastructure development – evidenced by the level of its investment in our country. We are happy to be associated with this pan-African success story.”

The significant level of investment in our country is proof that AFC lives up to its reputation as one of the leading infrastructure solution providers on the continent

Mauritius

The equity investment from the Mauritian National Pension and National Savings Funds supports AFC’s drive to attract capital from institutional investors, particularly pensions, national social security funds and sovereign wealth funds, that will play a major role in bridging the continent’s infrastructure financing deficit. The investment builds on AFC’s existing ties with Mauritius, where its subsidiaries, AFC Equity Investment Limited and AFC Capital Partners, are domiciled. As of 2021, AFC Equity Investment Limited held more than US$900 million of the Corporation’s equity investments, while AFC Capital Partners is the Corporation’s asset management company, focused on infrastructure and climate resilient investments with an initial US$500 million target fund size.

“As a pension fund that seeks to diversify away from traditional investments and seeks partnerships for long-term investment in infrastructure as an asset class, AFC presents the right platform to be able to achieve this. We are happy to join the Corporation’s shareholder base,” the management of the Mauritius funds said in a statement.  

AfricaRe

AfricaRe, which became the first multilateral financial institution to invest in AFC, has upsized its initial investment made in 2018. AfricaRe, the largest pan-African reinsurance institution, was established by 36 African states in 1976 to develop the insurance and reinsurance industry through increased underwriting and retention capacity.

AfricaRe Group Managing Director and Chief Executive Officer Corneille Karkezi said: “With its track record, and consistent return on our initial investment, upsizing is the next logical step for us at AfricaRe.”  

“This boost to our share capital enhances AFC’s mandate to provide African solutions to African challenges, funded by African capital,” said Samaila Zubairu, President and CEO of AFC. “Our goal is to put African assets to work in closing the infrastructure gap the continent faces. The equity investments endorse the Corporation’s role as one of the most significant development partners, driving transformative impact across the continent while delivering competitive returns.”

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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