The Public Investment Corporation has given formal notification to make a $100 million equity investment in multilateral financial institution the Africa Finance Corporation . The investment will be the PIC’s first such contribution to the Nigeria-headquartered AFC and will be used for the continent’s infrastructure and industrial development efforts.
” “African pension funds have a key role to play in financing the instrumental infrastructure urgently needed on the continent and we look forward to a long-term partnership for a prosperous African future,” Zubairu adds. Through the investment, the PIC joins the AFC’s cohort of 32 equity investors, including the Seychelles Pension Fund, the Government of Sierra Leone, the Republic of Togo, the Central Bank of Guinea and the Ghana Infrastructure Investment Fund.