Africa Finance Corporation (AFC) signed an agreement with Kenya’s CPF Financial Services (CPF) to jointly target infrastructure investments within the country.

The agreement was signed on the opening morning of the Africa Climate Summit in Nairobi.

AFC and CPF Financial Services will collaborate in identifying, developing, and co-financing priority infrastructure projects that are aligned with Kenya's development roadmap, leveraging their combined technical expertise and access to domestic and global capital, AFC said in a press statement.

CPF is one of Kenya’s leading institutional investors with more than $1 billion in assets under management.

Samaila Zubairu, President & CEO of AFC said African institutional investors are one of the single largest sources of investable capital and will play a catalytic role in bridging Africa’s infrastructure gap.

“It is with this immense potential in mind that we are partnering with CPF Financial Services,” he said.

Hosea Kili Group Managing Director and CEO of CPF Financial Services added: “This alliance aligns perfectly with our goals of creating value-driven solutions and supporting Kenya's infrastructure agenda.”

African institutional investors, including pension funds, insurance companies and asset managers, hold nearly $1trillion dollars of assets under management, equivalent to a third of the continent’s combined GDP and more than 5 times the annual infrastructure and climate financing needs of the continent.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.