ASMARA, Eritrea– (BUSINESS WIRE/ AETOSWire)– Africa Finance Corporation (“AFC” or “the Corporation”) is pleased to announce the accession of the State of Eritrea (“Eritrea”) as its 24th member state. This decision was ratified by His Excellency, Isaias Afwerki, President of Eritrea, on 6 November 2019.
Eritrea has experienced stable growth; driven by increased investment in the mining and extractive sectors, with an expectation to deliver an average annual GDP growth rate of circa 4-5% between 2019 and 2024. The country’s economic growth strategy highlights a focus on scaling up infrastructure investments, specifically water and energy, to promote agricultural and industrial transformation. Additionally, the government is committed to improving the mining sector through a natural resource planning strategy.
AFC, in line with its mandate, has committed to provide financing to the Colluli Mining Share Company for the development and construction of the Colluli Potash Project in the Danakil Depression region of Eritrea. Successful execution of this project will make significant contributions to exports, employment, agricultural productivity, and overall social and economic development of the country.
AFC President and CEO, Samaila Zubairu, commented on the announcement: “It is my pleasure to welcome Eritrea as a member state of AFC. The government’s efforts at prioritizing infrastructure investments bodes well for the country and we are committed to supporting Eritrea’s economic development programs.”