Angola has become the latest sovereign shareholder in the Africa Finance Corporation (AFC), three years after the Southern African country joined the infrastructure solutions provider as a member.

“The Corporation has been a trusted ally over the last few years, financing strategic sectors including infrastructure, energy, and industrial projects critical to our diversification efforts, and we look forward to a continued, mutually beneficial partnership,” Dr. Vera Daves de Sousa, Angola’s Minister of Finance.

The Africa Finance Corporation has made nearly US$1 billion in investments across several sectors in Angola. In addition to rail, it has also invested in power, logistics, and critical minerals.

The institution currently has 45 member states and over 47 shareholders including sovereigns, pension funds, banks, and multilateral across Africa.