Lagos — DJIBOUTI has become the newest member of Africa Finance Corporation (AFC), an international investment grade multilateral finance institution investing in key infrastructure projects across Africa.
Speaking from Lagos, Ali Guelleh Aboubaker, Minister of Investments in the Office of the President, expressed delight Djibouti had become a member of AFC, an international organisation with a proven track record in large-scale infrastructure investment.
He said the government of Djibouti was committed to proactively investing in essential infrastructure to drive economic growth and doing what they could attract international private investors to infrastructure investment opportunities.
"We look forward to working with AFC to deliver projects with real and positive economic and social impact across the country," said Aboubaker.
Andrew Alli, President and Chief Executive Officer of AFC, welcomed Djibouti to the corporation.
He described Djibouti is a small but important market, with natural strengths as a transport and logistics hub thanks to the government's successful free trade policies and its location at the gateway to the Red Sea.
"Djibouti offers some great investment opportunities and AFC is delighted to be assisting Djibouti to meet its full growth potential and to create jobs for its citizens," Alli said.
Djibouti is the 14th country and the third east African country to join the AFC.
The corporation's other members are Cape Verde, Chad, Ghana, Gabon, Guinea-Bissau, Guinea, Ivory Coast, Liberia, Nigeria, Sierra-Leone, Rwanda, The Gambia and Uganda.
Membership enables AFC to receive preferred creditor status within the country, the benefits of which reduce AFC's investment risk, enabling the corporation to provide more competitive financing solutions.