African Reinsurance Corporation (“Africa Re”) announces its membership of Africa Finance Corporation (“AFC”), and becomes the first multi-lateral financial institution to invest in AFC.
Africa Re, owned by 41 African states, approximately 107 insurance/reinsurance companies and non-African strategic investors, is the continent’s premier reinsurance corporation, operating across 41 African countries.
Africa Re’s membership of AFC advances AFC’s growth strategy for its country membership and greater diversification of its shareholding.
In recent months, AFC has grown its country membership in Francophone, East and Southern Africa, with the accession in 2017 of Benin, Kenya and Zambia, respectively. AFC now seeks to consolidate this success by further expanding its shareholder base.
Andrew Alli, President and CEO of AFC commented: “We welcome African Reinsurance Corporation (Africa Re) as a member and shareholder of AFC. As the first multilateral financial institution to become a member of AFC, this is a key milestone for us, as the Corporation seeks to further diversify its shareholding. We are, therefore, pleased to welcome Africa’s premier reinsurance corporation into membership of AFC and look forward to collaborating with Africa Re to provide innovative solutions to the development and financing of infrastructure assets in Africa.”
Corneille Karekezi, Group Managing Director & Chief Executive Officer of Africa Re, commented: “As a Corporation with both private and public shareholders, we see many synergies with AFC in the pursuit of African continent development agenda as well as business growth. Indeed, we have long admired AFC, and the transformative impact it has made across many of the geographies in which we operate, whilst delivering competitive returns. We are therefore delighted to become a part of one of Africa’s best success stories.”