AFC Surpasses $1bn Revenue, Paving the Way for African Econo...

Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has achieved a major financial milestone, surpassing US$1 billion in revenue for the first time in its history. For the year ending 31 December 2024, AFC reported a record revenue of $1.1 billion, reflecting a 22.8 per cent increase from the previous year.

This growth highlights AFC’s critical role in closing Africa’s infrastructure gap through scalable investments that attract global capital and drive substantial development outcomes.

The corporation’s impressive performance was complemented by a 22.3 per cent increase in comprehensive income, rising to $400 million from $327 million in 2023. Key financial highlights included a 42.5 per cent jump in net interest income, reaching $613.6 million, and a 42.7 per cent rise in operating income, which totalled $709.7 million.

AFC’s total assets climbed to $14.4 billion, up 16.7 per cent year-on-year, while its liquidity coverage ratio strengthened to 194 per cent, providing over 34 months of cover. The corporation also improved its cost-to-income ratio to 17.3 per cent, down from 19.6 per cent in 2023.

AFC’s growth was driven by several landmark infrastructure projects across key sectors such as energy, transport, and natural resources. Notably, AFC played a leading role in the Lobito Corridor, a transformative cross-border railway project linking Angola, the Democratic Republic of Congo (DRC), and Zambia. Within a year of signing the MoU, AFC successfully secured a concession agreement for the project—an unprecedented achievement for an initiative of such scale. Additionally, AFC invested $150 million in the Kamoa-Kakula Copper Complex in the DRC, the largest and one of the most sustainable copper producers globally.

Other significant investments included support for the Dangote Refinery, Africa’s largest, and continued progress on AFC-backed Infinity Power Holding’s 10 GW clean energy project, with power purchase agreements secured in Egypt and South Africa. AFC also invested $14.1 million in the Xlinks Morocco-UK Power Project, a transcontinental renewable energy pipeline connecting North Africa and Europe.

To strengthen its capital base, AFC successfully executed several landmark funding initiatives, including a US$1.16 billion syndicated loan, the largest in its history, a $500 million perpetual hybrid bond issue, and Nigeria’s first-ever domestic dollar bond, which raised US$900 million at 180 per cent oversubscription. Additionally, AFC made a successful return to the Islamic finance market with a US$400 million Shariah-compliant facility.

The corporation also raised $181.8 million in equity from ten institutional investors, including Turk Eximbank and major pension funds from across Africa. AFC’s strong credit ratings were affirmed by S&P Global (China) and China Chengxin International, alongside a stable A3 outlook from Moody’s.

Samaila Zubairu, President & CEO of AFC, commented, “These results demonstrate that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors. In 2024, we surpassed the billion-dollar revenue mark, delivered transformative projects, and reinforced our financial resilience—proving the scalability of our model that blends purpose with performance to accelerate Africa’s economic transformation.”