African Reinsurance Corporation (African Re) has announces its membership of Africa Finance Corporation (AFC) and becomes the first multi-lateral financial institution to invest in AFC.
Africa Re, owned by 41 African states, approximately 107 insurance/reinsurance companies and non-African strategic investors, is the continent’s premier reinsurance corporation, operating across 41 African countries.
Its membership of AFC was officially sealed at a signing ceremony held in Lagos, Nigeria, on February 1, 2018 but details of the investment were not given.
According to market watchers, Africa Re’s membership of AFC would advance AFC’s growth strategy for its country membership and greater diversification of its shareholding.
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In recent months, AFC has grown its country membership in Francophone, East and Southern Africa, with the accession in 2017 of Benin, Kenya and Zambia, respectively. AFC now seeks to consolidate this success by further expanding its shareholder base.
“We welcome African Reinsurance Corporation (Africa Re) as a member and shareholder of AFC. As the first multilateral financial institution to become a member of AFC, this is a key milestone for us, as the Corporation seeks to further diversify its shareholding. We are, therefore, pleased to welcome Africa’s premier reinsurance corporation into membership of AFC and look forward to collaborating with Africa Re to provide innovative solutions to the development and financing of infrastructure assets in Africa,” Andrew Alli, President and CEO of AFC said.
Corneille Karekezi, Group Managing Director & Chief Executive Officer of Africa Re, commented: “As a Corporation with both private and public shareholders, we see many synergies with AFC in the pursuit of African continent development agenda as well as business growth. Indeed, we have long admired AFC, and the transformative impact it has made across many of the geographies in which we operate, whilst delivering competitive returns. We are therefore delighted to become a part of one of Africa’s best success stories.”
AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet size of approximately US$3.5 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service.