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Africa Finance Corporation (AFC), one of the continent’s leading infrastructure solutions provider, last month announced a boost to its share capital following a combined $38 million equity injection from the government of Côte d'Ivoire, through the Ministry of Economy and Finance; the government of Mauritius, via the National Pension Fund (NPF) and National Savings Fund (NSF); and the Africa Reinsurance Corporation (AfricaRe).

The fresh capital injection demonstrates how governments, pension funds, and insurers are stepping up investment in Africa, opening a multi-billion-dollar pool of treasury, retirement and insurance assets to help address the continent’s infrastructure and industrial development needs, AFC said in a statement sent to Financial Nigeria.

“This boost to our share capital enhances AFC’s mandate to provide African solutions to African challenges, funded by African capital,” said Samaila Zubairu, President and CEO of AFC. “Our goal is to put African assets to work in closing the infrastructure gap the continent faces. The equity investments endorse the Corporation’s role as one of the most significant development partners, driving transformative impact across the continent while delivering competitive returns.”