(Ecofin Agency) - Africa Finance Corporation (AFC), a financial institution focused on infrastructure projects across the continent, has been selected along with 21 other entities worldwide to receive new financing approved by the U.S. Development Finance Corporation (DFC) for the second quarter of 2024.

“In February, the U.S. Development Finance Institution DFC announced its Board of Directors approved a $250 million loan to AFC that will support their efforts to develop high-quality infrastructure across the continent. This transaction is subject to additional steps prior to commitment, closing, and disbursement.”

This loan is part of the 22 new financing projects approved by the lender’s board for Q2 2024, making AFC the recipient of the largest allocation among the targeted institutions in Africa, Asia, and America.

The financing will focus primarily on key projects that will support economic growth and development, and ultimately strengthen AFC's position as a leading multilateral institution in Africa.

Let's note that AFC recently secured a syndicated loan of $1.16 billion for various infrastructure initiatives on the continent. With 43 member countries, AFC has, to date, claimed investments totaling $13 billion across Africa since its inception in 2007.