Gabon now a member of the Africa Finance Corporation
The country will be able to get better access to finance.Gabon has officially joined the Africa Finance Corporation (AFC) after signing a membership agreement in Libreville this week.
The country has now received preferred creditor status and is able to get access to more competitive financing solutions from the AFC.
Other members of the institution include Cape Verde, Chad, Ghana, Guinea-Bissau, Guinea, Liberia, Nigeria, Sierra-Leone and The Gambia.
The AFC said limited infrastructure has been constraining Gabon’s recent economic development despite the country's abundance of natural resources such as oil, timber, manganese and iron.
It added it aims to help address Gabon’s most immediate infrastructure needs, in the transportation, natural resources and power sectors to help the country meet its full growth potential and diversify its sources of income.
“I am delighted to be able to formalise Gabon’s membership of the Africa Finance Corporation, an organisation that is successfully driving growth and development of infrastructure across the continent. The strong track record of the Corporation demonstrates its ability to work with both governments and private sector institutions to deliver innovative financing solutions for projects spanning a large variety of sectors," said Gabon’s Minister of Economy Régis Immongault.