The African Finance Corp. (AFC) and Infrastructure Development Finance Corp. (IDFC) will begin providing advice to Indian companies on African financial undertakings.
Based in Lagos, Nigeria, AFC is a private-led investment bank and development financier with shareholders including several African banks including the Central Bank of Nigeria. The organization’s goal is to address the continent’s infrastructure development needs. Created in 2007, the financier registered $200 million in approved transactions by the end of 2009.
AFC President and CEO Andrew Alli said that one of the main areas of interest – particularly for Indian companies – was the power sector. "We advocate platform strategy for investment across Africa, rather than projects for a single country. This helps in diversification, increases the scope of project, and makes financing the project easier," he said.
Alli also suggested that since Indian banks were actively trying to establish branches within the continent, African financial institutions should be given the same option in India. Some African banks have opened offices in China, Saudi Arabia, and the UAE.
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