AFC to Raise Almost $1 Billion for Africa Infrastructure Plans

Africa Finance Corp. is looking to raise almost $1 billion in the first half of 2024 to support industries and resilience against climate change as it readies for the next growth phase across the continent.

The Lagos-based institution plans to close financing for its inaugural $750 million Infrastructure Climate Resilient Fund in the second quarter, Chief Executive Officer Samaila Zubairu said. The fund has attracted additional $140 million and expects to lure more investors before the closure, he said. That’s in addition to a $1.26 billion syndicated loan it raised in March to develop critical infrastructure.

Samaila Zubairu in Doha, Qatar, on May 14.

Photographer: Christopher Pike/Bloomberg

“This year, we ...