The Africa Finance Corporation (AFC) has secured a $100m loan from Canadian development finance institution FinDev Canada to support sustainable infrastructure projects in Sub-Saharan Africa.
Part of the 10-year loan would be used to fund a pipeline of climate finance projects such as solar and wind power schemes.
Another part would support the development of a 300-kilometre low-carbon railway system in the Democratic Republic of Congo, according to FinDev.
AFC said earlier that the first phase of the project involves laying a 25-kilometre line from the central station of Kinshasa, the DRC’s capital and most populous city, to N’Djili International Airport.
Sub-Saharan Africa’s economic growth is hampered by gaps in access to energy, water supply and digital facilities, FinDev says. In citing the World Bank, it says about 565m people in the region lack access to electricity.
The loan represents AFC’s debut in the Canadian market.
AFC, a 46-nation finance development institution headquartered in Lagos, has invested more than $15bn since its inception in 2007.
FinDev Canada is a bilateral development finance institution focusing on support for sustainable private sector projects in developing markets. It is a subsidiary of Export Development Canada (EDC), Canada’s export credit agency, and is based in Montreal.
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