AFC, Mizuho Bank partner to drive economic growth in Africa, Asia

Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, and Mizuho Bank, a global bank with one of the largest customer bases in Japan, have signed a Memorandum of Understanding to collaborate on project and infrastructure finance, trade finance and treasury to drive sustainable economic growth in Africa and Asia.

This agreement was signed at the just-concluded 8th Tokyo International Conference on African Development in Tunisia, AFC said in a statement on Tuesday.

It said through the partnership, AFC and Mizuho Bank are committed to co-financing infrastructure projects in Africa across key sectors including energy, transport and telecoms.

According to the statement, the agreement also aimed at realignment of Africa’s trading position, providing innovative finance instruments to facilitate trade between Africa and Japan. 

It said Mizuho Bank would leverage AFC’s specialist industry expertise and global network to enhance its support of Japanese and other multinational companies doing business in Africa.

The AFC said it would benefit from closer access to Japanese and Asian capital markets for its fundraising activities. 

Samaila Zubairu, President & CEO, Africa Finance Corporation, said: “This partnership is a significant milestone in our journey to build the alliances that will deliver timely sustainable solutions for building the instrumental infrastructure that enables Africa’s industrialisation and unleash our continent’s prosperity.

“Asia and in particular, Japan, are key to Africa’s next phase of growth and structural transformation. We are delighted to forge a new partnership today with Mizuho Bank, one of the largest financial institutions in Japan.”

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