Angola has become the latest sovereign shareholder in the Africa Finance Corporation (AFC), three years after the Southern African country joined the infrastructure solutions provider as a member.
The development follows Angola’s equity investment commitment of US$ 184.8 million to the AFC since 2022, and a US$25 million investment by its sovereign wealth fund earlier this year.Angola becomes the second Lusophone African nation, after Cape Verde, to join the growing list of equity investors in AFC. The AFC is acting as lead developer, alongside other partners, in the Lobito Corridor project, which will connect railway lines in Angola, Zambia, and the Democratic Republic of Congo (DRC).
“The Corporation has been a trusted ally over the last few years, financing strategic sectors including infrastructure, energy, and industrial projects critical to our diversification efforts, and we look forward to a continued, mutually beneficial partnership,” Dr. Vera Daves de Sousa, Angola’s Minister of Finance.
The Africa Finance Corporation has made nearly US$1 billion in investments across several sectors in Angola. In addition to rail, it has also invested in power, logistics, and critical minerals.
The institution currently has 45 member states and over 47 shareholders including sovereigns, pension funds, banks, and multilateral across Africa.