Africa Finance Corporaton invests in Eritrean Potash Project

04 Dec 2019

Africa Finance Corporation (“AFC” or “the Corporation”) is pleased to announce the accession of the State of Eritrea (“Eritrea”) as its 24th member state. This decision was ratified by His Excellency, Isaias Afwerki, President of Eritrea, on 6 November 2019.
 
Eritrea has experienced stable growth; driven by increased investment in the mining and extractive sectors, with an expectation to deliver an average annual GDP growth rate of circa 4-5% between 2019 and 2024. The country’s economic growth strategy highlights a focus on scaling up infrastructure investments, specifically water and energy, to promote agricultural and industrial transformation. Additionally, the government is committed to improving the mining sector through a natural resource planning strategy.
 
AFC, in line with its mandate, has committed to provide financing to the Colluli Mining Share Company for the development and construction of the Colluli Potash Project in the Danakil Depression region of Eritrea. Successful execution of this project will make significant contributions to exports, employment, agricultural productivity, and overall social and economic development of the country.
 
AFC President and CEO, Samaila Zubairu, commented on the announcement: “It is my pleasure to welcome Eritrea as a member state of AFC. The government’s efforts at prioritising infrastructure investments bodes well for the country and we are committed to supporting Eritrea’s economic development programmes.”

-END-

« Back to Member News

Hear @CDunbar1 City Treasurer of @PhiladelphiaGov and @BurbridgeChuck Executive Director of @ctpf_tweets discuss th… https://t.co/HlNalAsADC

42% of the total number of LPs included in VC deals in Africa between 2014-2019 were headquartered in North America… https://t.co/ILncShXj9q

@Proparco co-invests US$22mn into Ethiopian FMCG platform, Turaco. Read more: https://t.co/f3YigBYOvR

PE/VC fund managers, PE/VC investment firms and corporate venture firms accounted for 39%, 19% and 11% of investors… https://t.co/PIXoApbOEu

@deginvest_DE suscribes to bond issued by #HeliosTowers. Read more: https://t.co/57qJu6bhi8

;