July 15, 2009 / 11:34 AM / 10 years ago

Nigeria's AFC investments at $180 mln, eyes more

ABUJA, July 15 (Reuters) - The Nigeria-based Africa Finance Corporation (AFC) has around $180 million invested in various development projects in the world’s poorest continent and has set it sights on more ventures, a company official said.

The AFC, backed by Nigeria’s central bank and some of its most influential business leaders, last year sacked its president after failing to start a single project more than a year after its creation.

Since then, the bank has provided tens of millions of dollars to help finance agriculture, oil and gas, telecoms, transport and airline projects — mainly in Nigeria.

AFC said on Tuesday it would loan $50 million to Kosmos Energy for the development of Ghana’s Jubilee oilfield, one of the largest oil finds in West Africa in the past decade.

The bank also joined other investors last month in an equity financing deal for a $240 million fibre-optic cable to provide internet and telecoms to West Africa. [ID:nL4609991]

The AFC, with a capital base of more than $1 billion, was set up in early 2007 as a regional investment bank to spearhead the funding for infrastructure projects around the continent.

(For full Reuters Africa coverage and to have your say on the top issues, visit: af.reuters.com/ )

Reporting by Randy Fabi; Editing by Tume Ahemba and Elaine Hardcastle

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