The Public Investment Corporation (PIC) is set to take a $100 million stake in the African Finance Corporation (AFC). This investment will boost infrastructure development across the  continent, which currently has an infrastructure financing gap of at least $93 billion a year. 

Boost infrastructure development

According to an August 2022 AFC press release, Africa’s largest asset manager, South Africa’s Public Investment Corporation (PIC), is to take a $100 million stake in the African Finance Corporation (AFC) to boost infrastructure development across the continent.

Confidence in AFC 

“This equity investment is a significant vote of confidence in AFC and connects us to a very important source of capital in Africa. 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,” said Samaila Zubairu, AFC President & CEO. 

This investment encompasses both an economic return and social return.

“The PIC is delighted to partner with the AFC in the development, industrialisation and growth of the African continent. Our clients’ investment mandates allow us to invest in the rest of the African continent. We believe that this partnership will assist us to deliver on that mandate and to diversify our growing portfolio. We are confident of the future prospect of this investment and its potential positive societal benefits,” said Kabelo Rikhotso, Chief Investment Officer for PIC.

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