The transformative partnership between Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, and the Multilateral Cooperation Center for Development Finance (MCDF) will enable the acceleration of key infrastructure projects and drive economic growth and prosperity across Africa.

The collaboration was forged by the recent signing of an Implementing Partner Agreement for early-stage project development.

MCDF is a multilateral financial mechanism promoting high-quality infrastructure and connectivity investments in developing countries.

According to a statement from AFC, with AFC receiving accreditation approval from the MCDF’s Governing Committee in April, the Corporation has now solidified its position as an implementing partner of the MCDF Finance Facility.

The Senior Director of Project Development & Technical Solutions at Africa Finance Corporation, Amadou Wadda expressed his excitement about the collaboration, stating: “This partnership reinforces our commitment to sustainable development in Africa and unlocks financing for critical infrastructure projects. By leveraging MCDF’s collaborative platform and our deep understanding of African markets, we will catalyze economic growth and improve the quality of life for people across the continent.”

The statement further read in part: “This strategic partnership allows AFC to access vital resources and support early-stage projects in the Transport & Logistics, Telecommunications, and Power sector. The partnership aligns seamlessly with AFC’s strategic goals, enabling the acceleration of key infrastructure projects and driving economic growth and prosperity across Africa.”

AFC’s Project Development team has a proven track record of successful initiatives across the continent. Notable projects include the West African Energy 300MW Thermal Power Project in Senegal, the Red Sea Power 60MW Wind Power Project in Djibouti, Cenpower’s 340 MW combined cycle power plant in Ghana and a recently initiated mass transit system in Kinshasa, the Democratic Republic of Congo. These projects highlight AFC’s strong capabilities in funding, technical support, and co-development.

The Head of Programming at MCDF, Frederic Asseline shared the enthusiasm, stating: “We are delighted to welcome AFC as an Implementing Partner. Their accreditation and expertise in infrastructure finance and development make them a valuable addition to our existing partners. This partnership will enable us to leverage AFC’s deep knowledge of African markets and enhance our efforts to promote sustainable development finance in the region.”

MCDF, as a trusted global platform, fosters collaboration among development finance institutions to maximize their impact. It mobilizes funding from its member countries, development partners, and other sources to facilitate the implementation of high-quality infrastructure projects. AFC’s participation as an implementing partner contributes to MCDF’s mission of driving inclusive growth by leveraging its collaborative platform and resources.

This pivotal partnership between AFC and MCDF comes at a time when infrastructure demands in Africa are rapidly increasing. With their complementary strengths and shared vision, the organizations are poised to drive impactful change, spearheading infrastructure development and propelling sustainable growth across the continent.

The AFC has invested USD 11.5 billion in 36 countries across Africa since it was established in 2007 to be the catalyst for private sector-led infrastructure investment across the continent.