Lagos, Nigeria —

Africa Finance Corporation
(AFC), the premier provider of infrastructure solutions on the continent, has reported its most robust financial performance yet, with total revenues for the fiscal year concluding on December 31, 2024, exceeding US$ 1 billion for the first time ever in the company’s history.

This achievement represents a major step towards AFC’s objective of addressing Africa’s infrastructure deficit via scalable, de-risked investments designed to draw international funding and generate concrete developmental benefits. The corporation saw an uptick in total revenue by 22.8%, reaching $1.1 billion, along with a surge in overall comprehensive income by 22.3%, climbing to $400 million from $327 million recorded in 2023.

The increase in AFC’s profits was fueled by enhanced returns from assets, effective control over funding costs, and continued progress in advisory services.

Additional key financial highlights encompass:

– Net interest income increased by 42.5% to reach $613.6 million

– Fees and commissions increased to $109 million, marking the highest level in more than half a decade.

— Operating income increased by 42.7% to reach $709.7 million.

– The total assets hit a record high of US$14.4 billion, marking a 16.7% growth compared to the previous year.

– The liquidity coverage ratio was enhanced to 194%, offering more than 34 months of protection.

— The cost-to-income ratio enhanced to 17.3% from 19.6% in 2023.

In 2024, AFC expanded its influence by attracting investment for significant ventures in sectors such as energy, transportation, and natural resources. This encompassed the Lobito Corridor—a transnational railroad project extending through Angola, the Democratic Republic of Congo (DRC), and Zambia. Within just twelve months from signing the preliminary Memorandum of Understanding (MoU), AFC spearheaded efforts to obtain a concession agreement, setting a new standard for large-scale initiatives. Additionally, in the DRC, AFC committed $150 million towards the Kamoa-Kakula Copper Complex, which stands out not only as Africa’s biggest copper source but also among the world’s most environmentally friendly due to its use of high-quality ores and power supplied by renewables.

Additional key deals involved financial backing for the launch of the Dangote Refinery, which will be the biggest in Africa, as well as ongoing advancements on AFC-supported Infinity Power Holdings’ initiative to develop up to 10 gigawatts of clean energy capacity, with power purchase contracts finalized in both Egypt and South Africa. Additionally, AFC committed $14.1 million towards the initial phase of the 15-gigawatt Xlinks Morocco-UK Power Project, aimed at establishing an intercontinental green energy corridor linking North Africa with Europe.

The African Finance Corporation bolstered its financial position and broadened its investment community via multiple significant financing efforts. This encompassed a US$1.16 billion syndicated loan — the biggest in its record so far, a US$500 million perpetual hybrid bond issuance, as well as successfully launching Nigeria’s inaugural local currency-denominated dollar bond, garnering US$900 million with an impressive over-subscription rate of 180%. Additionally, after being away for eight years, AFC revisited the realm of Islamic finance, securing a US$400 million Shariah-compliant facility.

In this period, significant progress was observed in equity fundraising activities, generating $181.8 million through investments made by ten institutional entities. Among these contributors were notable names such as Turk Eximbank—the African Finance Corporation’s (AFC) initial non-African governmental stakeholder—alongside BADEA, which stands for the Arab Bank for Economic Development in Africa, along with various prominent pension funds based across Cameroon, Seychelles, Mauritius, and South Africa. The corporation maintained an impressive financial standing according to rating organizations; Standard & Poor’s Global (China) alongside China Chengxin International awarded AFC their highest grade of AAA, whereas Moody’s rated it stably at A3 outlook.

These findings clearly indicate that targeted investments in African infrastructure generate significant long-term benefits for both those who benefit from these infrastructures and their investors,” stated Samaila Zubairu, President & CEO of AFC. “In 2024, we surpassed the one-billion-dollar revenue threshold, implemented transformative initiatives, and bolstered our fiscal strength—showcasing how our distinctive approach, which merges purpose with effectiveness, can expedite Africa’s economic progress.