Africa, BREAKING NEWS
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AFRICA Finance Corporation, AFC, has announced the appointment of Grant T. Harris as an independent director.
Harris joins AFC after serving four years at the U.S. National Security Council at the White House in Washington, D.C. As special assistant to President Barack Obama and senior director for African Affairs, he was the primary lead in crafting U.S. policy toward sub-Saharan Africa. Harris was particularly instrumental in institutionalising trade and investment as a key pillar of U.S. policy toward Africa, including by launching and coordinating the ‘Doing Business in Africa’ campaign to increase U.S. trade and investment. Mr. Harris was also the primary architect of the highly successful U.S.-Africa Leaders Summit, which President Obama hosted in Washington, D.C., in August 2014, and which generated $37 billion in commitments to increase investment, trade, and development throughout Africa.
Before his work at the White House, Harris served in a variety of roles advising senior officials on issues related to Africa, including former U.S. Ambassadors to the United Nations Susan Rice and Richard Holbrooke. He also previously served on the staff of the White House under President Bill Clinton. Harris draws on private sector experience, having practiced law at Cleary Gottlieb Steen & Hamilton LLP, where he counselled and assisted Fortune 100 and Fortune 500 companies on international business transactions.
Since leaving the White House, Harris established Harris Africa Partners LLC and advises private sector clients on investing and doing business in Africa.
Sarah Alade, chair of the Board of Africa Finance Corporation, said: “We are delighted that Grant is joining Africa Finance Corporation as an Independent Director. He has extensive experience and contacts in Africa, having worked in a variety of senior roles advising on continental affairs. He also brings a strong business and legal background as well as a network of contacts with entities interested in doing business with the continent. He will be a great asset to Africa Finance Corporation and to its shareholders.”
AFC, an international investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector infrastructure investment across Africa. With a current balance sheet size of approximately US$3.2 billion, AFC is now the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. In May 2015, AFC successfully concluded a debut US$750 million Eurobond issue which was 6 times oversubscribed and attracted investors from Asia, Europe and the USA.
AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
AFC invests in high quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.
— Apr 26, 2016 @ 18:40 GMT
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