$300 million.. expected investments of African Finance Corporation in Egypt

The Chief Investment Officer of the African Finance Corporation, Sameh Shenouda, revealed the corporation’s plan to invest a billion dollars or more in Egypt during the next short period.

The African Finance Corporation’s investments in Egypt currently amount to $300 million in various fields, including gas and renewable energy, and it has partners in some projects, including the Egyptian "Infinity" Company and the Emirati “Masdar” to build 5 solar power stations in the "Benban" region. It also has investments in phosphates with the Egyptian government.

Renewable energy sector

The CEO of investment affairs in the corporation stressed the interest in the renewable energy sector and investment in the water sector in Egypt, especially with its connection to renewable energy.

In addition to, the Foundation is in discussions with the Sovereign Fund of Egypt regarding more than one project.

Highest credit rating

The African Finance Corporation has the second highest credit rating in Africa from Moody's, which gives it strength in the markets, whether by providing guarantees or participating with the government in financing.

Shenouda pointed out that there are discussions with the Egyptian Ministry of Finance and the Central Bank of Egypt in this regard, with many opportunities to help Egypt, like many African countries.

$11 billion

Regarding the institution's plans, Sameh Shenouda said that the African Finance Corporation started operating 16 years ago with a capital of one billion dollars, until its budget reached 11 billion dollars now.

the institution hopes to pump investments ranging from 1.5 to 3 billion dollars annually in various fields in all African countries.