PIC invests $100 million in AFC to improve infrastructure solutions in Africa

Oluwajuwonlo Afolabi -

South Africa-based Public Investment Corporation (PIC) has approved the equity investment of $100 million in the African Finance Corporation (AFC), to drive up the efforts of the firm in supporting leading infrastructural solutions in Africa.

  • The PIC is partnering and investing in AFC for the development, industrialization, and growth of the African continent, as well as diversifying its portfolio, Kabelo Rikhotso, the firm's Chief Investment Officer claims.
  • With this investment, PIC will benefit from co-investment opportunities and have access to AFC's development projects on the continent across power, transport, logistics, natural resources, telecommunications, and industrial sectors.
  • AFC is bolstering development in Africa by investing in key projects across the continent including its $100 million investment in Angola's Cabinda Refinery for increased energy production and exports (Techloy reported this).
  • It also recently acquired Lekela Power Plant, to double the operating capacity of Africa's renewables independent power producer (IPP) and invested in the ARISE Special Economic Zone (SEZ) in Gabon, to support the industrial ecosystem building from the forestry and minerals industry on the continent.