The CEO of Africa Finance Corporation (AFC) announced that the financial institution is preparing to issue a $300 million sukuk by the end of 2024 to take advantage of the growing interest of Gulf countries in financing and developing infrastructure projects in Africa.

The last Islamic bond issue by the institution specializing in infrastructure financing in Africa, which has set a fundraising target of 4 billion dollars by 2025, dates back to 2017. According to the CEO, Samaila Zubairu , there was “a lot more interest and participation from Gulf countries during our recent debt issues”. According to him, 15% of the $500 million eurobond issued last October was subscribed by investors from the Middle East. According to the information, AFC is seeking to open up to 24% of its capital to non-African shareholders to stimulate investments on the continent, noting that in this framework, talks have already begun with some institutions.