The Africa Finance Corporation , which is owned by Nigeria's central bank and other African financial institutions, has no intention of backing away from fossil fuel investments, a senior executive said on Thursday.
"We cannot and will not run away from doing fossil fuel-based investing because the development needs of the continent are so huge," Sanjeev Gupta, executive director of financial services at the AFC, said at the Reuters IMPACT climate conference in London. The Lagos-based AFC is a pan-African multilateral development institution, with 40 member states. It is 43.1%-owned by Nigeria’s central bank and 42% by other African financial institutions, according to its website.
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