Rwanda officially joined the Africa Finance Corporation (AFC) after its membership agreement was ratified in the country’s senate, local media reported Wednesday.
“By joining AFC, our country will get benefits such as loans intended to finance infrastructure projects, and access to AFC’s expertise in planning for big projects, as well as dividends on shares as a member once the Corporation registers profits,” said Uzziel Ndagijimana, the country’s minister of finance and economic planning, according to the local New Times news website.
Ndagijimana announced that Rwanda would buy shares from the AFC, which he said invested mainly in energy, transport, logistics, mining and mineral processing, as well as communication.
Founded in 2007, the Nigeria-based AFC currently has 26 states and two multilateral organizations as members.
The AFC is a multilateral financial institution founded by African states contribute to solving the continent’s infrastructure needs via financing and developing natural resources and industry.
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