AFC set to spend big in Egypt: The Africa Finance Corporation (AFC) has identified “an immediate project pipeline” worth over USD 1 bn in infrastructure projects in Egypt, it announced in a press release (pdf). The investments would be made in key sectors in the country including renewable energy, natgas, heavy industries tech, telecoms, banking and finance.

Could it be Lekela? AFC will primarily look to invest in firms where it has “influence and representation on the board,” Executive Director and Chief Investment Officer Sameh Shenouda was quoted as telling Al Arabiya. AFC and our friends at renewables player Infinity Group signed an agreement last year to acquire 100% of pan-African renewables firm Lekela Power from private equity firm Actis and Irish wind and solar developer Mainstream Renewable Power last summer. The transaction — which reportedly values Lekela at USD 1.5 bn — would be Africa’s largest renewables acquisition. AFC and Infinity aim to raise USD 2.5-4 bn over the next four years to double the capacity of Lekela.

Egypt also became a member: Egypt joined AFC as the first North African sovereign shareholder after making an undisclosed equity investment, according to the statement. “As the largest North African economy, Egypt’s investment leads the way for other countries and investors from the region to join AFC’s shareholders and use its platform to boost regional trade and co-investment opportunities,” the statement reads.