AFC and Mizuho Bank Sign Agreement to Promote Sustainable Economic Growth in Africa and Asia

Published on: 31 August 2022
by KnowESG
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Africa Finance Corporation (AFC), Africa's leading infrastructure solutions provider, and Mizuho Bank, a leading global bank, have signed a Memorandum of Understanding to collaborate on project and infrastructure finance, trade finance, and treasury to drive sustainable economic growth in Africa and Asia.

This agreement was reached in Tunisia at the just concluded 8th Tokyo International Conference on African Development.

Through this agreement, AFC and Mizuho Bank have committed to co-financing infrastructure projects in Africa across areas such as energy, transportation, and telecommunications. It also sought to realign Africa's commercial position by introducing innovative finance instruments to boost trade between Africa and Japan.

Mizuho Bank will use AFC's industry-specific expertise and global network to help Japanese and other multinational companies doing business in Africa. For AFC, having easy access to the Japanese and Asian capital markets will help the corporation raise funds.

Samaila Zubairu, President & CEO, Africa Finance Corporation, said:

“This partnership is a significant milestone in our journey to build the alliances that will deliver timely, sustainable solutions for building the instrumental infrastructure that enables Africa’s industrialisation and unleash our continent’s prosperity. Asia, and in particular, Japan, are key to Africa’s next phase of growth and structural transformation. We are delighted to forge a new partnership today with Mizuho Bank, one of the largest financial institutions in Japan.”

AFC has been mobilising global financing for essential infrastructure projects in Africa for over 15 years. The Corporation has recently received equity investments from the Public Investment Corporation (PIC), Africa's largest asset manager, as well as the Seychelles Pension Fund, the Government of Sierra Leone, and the Central Bank of Guinea, demonstrating investors' confidence in AFC's key role in elevating Africa as a critical engine of global growth.

Source: AFC

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