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About Africa Finance Corporation (AFC)
From the CEO
“The last decade has been a tale of mixed fortunes for Africa. When the AFC was founded in 2007, the Continent was enjoying unprecedented growth. Between 2000 and 2010, GDP growth in Africa averaged 5.4%, or US$78 billion, way above the global mean rate.
As we celebrate ten years of operations, the story is different. African growth has declined to 1.6 percent and there is volatility in government revenues, which in turn affects spending. Our economies remain vulnerable to wider global economic pressures and there is still too much dependence on the commodities export market, meaning that some countries have been hit particularly hard in recent years.
However, in the long term, Africa is booming, both in terms of its population and its economic potential. And to support its growth and development, its woefully inadequate infrastructure needs to be drastically improved. The exact figure is much debated, but the World Bank estimates the deficit to be approximately US$100 billion every year for the next decade, with spending needed for new investments as well as the operation and maintenance of what is already there.
The infrastructure investment gap, and its negative impact on the growth and social development of African economies is clear to see, and bridging this gap is what we at the AFC set out to do. Despite challenging global economic headwinds, the infrastructure investment landscape in Africa is full of promise and another ten years from now, AFC will still be leading the charge.”