Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has secured a landmark EUR 250 million 10-year term loan facility from Cassa Depositi e Prestiti (CDP) the Italian Financial Institution for Development Cooperation. The transaction is backed by a guarantee from SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, covering up to 80% of the facility amount.
The financing builds on engagement at the Mattei Plan-Global Gateway summit, attended by Italian Prime Minister Giorgia Meloni, European Commission President Ursula Von der Leyen, CDP, SACE and AFC, where the parties confirmed their intent to collaborate. The facility is structured to cultivate Italian supply chain opportunities in infrastructure and renewable energy generation, including the supply of components for the Lobito Railway Corridor – a commercial railway line that will run through Angola and extend to the borders of Zambia and the Democratic Republic of Congo.
This long-term facility deepens AFC’s strategic partnership with both CDP and SACE, while reinforcing its mandate to mobilise high-quality, long-tenor capital in support of delivering sustainable infrastructure across Africa.
“Cassa Depositi e Prestiti confirms its role as a strategic partner in supporting infrastructure projects with a high social and economic impact in Africa. With this financing – said Dario Scannapieco, Chief Executive Officer of CDP – we are strengthening business and technological relations between Italy and Africa, enhancing talent and innovation. We are convinced that investing in strategic projects not only creates new opportunities for our companies but also helps to build lasting and shared ties capable of fostering growth and well-being for local communities.”
“We are proud to contribute to the involvement of Italian companies in the transport and logistics sector to realise a significant strategic project like the Lobito Railway Corridor within the Mattei Plan,” said Alessandra Ricci, CEO of SACE. “This collaboration reaffirms SACE’s commitment to promoting new connections for Italian companies seeking to diversify their exports and embrace new growth opportunities.”
“Our partnership with CDP, further strengthened by SACE’s guarantee, exemplifies the power of blended finance in unlocking capital for infrastructure development in Africa,” said Banji Fehintola, Executive Board Member and Head, Financial Services, AFC. “The Lobito Corridor is a transformational project that will open new trade routes for resources, support regional industrialisation, accelerate job creation and strengthen Africa’s position in global value chains, while delivering long-term, inclusive growth.”
Distributed by APO Group on behalf of Africa Finance Corporation (AFC).
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About Lobito Corridor Rail Project:
The railway line will be approximately 830 km long and will connect Chingola in Zambia to Luacano in Angola with the aim of facilitating the transportation of agricultural products, minerals and consumer goods. The greatest opportunities for the Italian supply chain in the region lie in sectors such as energy, renewables, transportation and logistics.
About CDP:
Cassa Depositi e Prestiti is the National Promotional Institute which has been supporting the Italian economy since 1850. The main goal of CDP is to accelerate the industrial and infrastructural development of Italy to boost its economic and social growth. CDP focuses its activities on sustainable development at local level, supporting the innovation and growth of Italian enterprises, also in the international arena. It partners local authorities, in a financing and advisory capacity, to create infrastructures and improve services of public value. CDP also participates actively in international cooperation initiatives to realize projects in developing countries and emerging markets. Cassa Depositi e Prestiti is entirely financed by private capital, through the issuing of Postal Savings Bonds and Postal Savings Passbooks, and through issues on national and international financial markets.
About SACE:
SACE is the insurance and financial group controlled by the Ministry of Economy and Finance, specialising in supporting the growth of Italian companies through a wide range of solutions to facilitate export and innovation, including financial guarantees, factoring, risk management and protection, advisory services and business matching. With a network of 11 offices in Italy and 13 worldwide in target countries for Made in Italy products, SACE serves over 60,000 companies, supporting their growth in Italy and globally, with a portfolio of insured operations and guaranteed investments totalling EU 267 billion across approximately 200 foreign markets.
About AFC:
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in core infrastructure sectors. AFC has 45 member countries and has invested over US$15 billion since its inception.
