Africa Finance Corporation : Cameroon’s Accession Under Scrutiny

Members of the National Assembly on November 16, 2022 received a Bill to authorise the President of the Republic to proceed with Cameroon’s accession to the Africa Finance Corporation (AFC), established in Abuja, Nigeria on May 28, 2007. This was during a plenary chaired by Deputy House Speaker, Hon. Théophile Baoro. Prior to the tabling of the Bill, the House Speaker, Hon. Cavaye Yeguie Djibril chaired the Chairman’s Conference in which the document was validated admissible for reception in the House Chambers. 
The Africa Finance Corporation is a multilateral financial institution established in May 2027 via a treaty in Nigeria and is already operating in 36 African countries. It therefore comprises sovereign States, regional and sub-regional financial institutions and private sector actors. Its members may or may not subscribe to shares. Upon accession, non-shareholding members are entitled to an increase in exposure level, access to the AFC’s public sector advisory facility and the establishment of a project development/maturation facility. 
To date, the Corporation has invested nearly USD 313 million in the energy and heavy industries sectors of Cameroon’s economy, providing vital financing for reviving the activities of the National Refining Company (SONARA) and for the construction of the Nachtigal hydropower dam by the Nachtigal Hydro Power Company. 
AFC plans to increase its support to the State of Cameroon in the areas of infrastructure and industri...