Africa-focused infrastructure and industry development investment catalyst group, the Africa Finance Corporation (AFC), has reported that last year (ending December 31) was its strongest-ever financial performance. This performance included its total revenues exceeding $1-billion, for the first time – the final figure being $1.1-billion, which was a 22.8% increase over the $890-million recorded in 2023.

“These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors,” highlighted AFC president and CEO Samaila Zubairu. “In 2024, we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience – demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa’s economic transformation.”

The AFC’s profits, last year, rose 19.5% year-on-year, from $329.7-million to $393.9-million. Over the same period, the group’s total comprehensive income increased by 22.3%, from $327-million to $400-million. Net interest incomes went up by 42.5%, to $613.6-million, while free and commission income increased to $109-million (the highest level in more than five years). Operating income jumped by 42.7% to $709.7-million.

AFC’s total assets also reached a record level last year, coming to $14.4-billion, a 16.7% rise over the 2023 figure. Its liquidity coverage ratio increased to 194%, amounting to 34 months of cover. And its cost-to-income ratio in 2024 was 17.3%, an improvement over the 2023 figure of 19.6%.

Last year saw the AFC heavily involved in mobilising capital for major African infrastructure and industrial projects. One of these was the Lobito Corridor, the international railway project to restore the link between Zambia, the Democratic Republic of Congo (DRC), and Angola’s port city of Lobito. Under AFC’s leadership, the concession agreement was signed within a year of the signing of the project framework-creating memorandum of understanding, an achievement described by the AFC as “unprecedented” for a project of this size.

Other major projects in which the AFC invested last year included the Kamoa-Kakula Copper Complex in the DRC, Africa’s biggest copper producer, which received $150-million, and the Xlinks 15 GW Morocco-UK power project, which was assigned $14.1-million. The AFC also supplied financial support for the commissioning of the Dangote Refinery in Lagos, Nigeria (the biggest in Africa), and continued its support for the Infinity Power Holdings programme to develop 10 GW of clean energy capacity across the continent (power purchase agreements were secured in Egypt and South Africa).

A number of successful funding initiatives last year strengthened the AFC’s capital base, while also widening its investor base. These included a $1.16-billion syndicated loan (the largest yet secured by the AFC), a $500-million perpetual hybrid bond issue, and the successful implementation of Nigeria’s first domestic bond issue (which was oversubscribed by 180% and raised $900-million). Last year also saw the corporation successfully tapping into the Islamic finance market again (after a gap of eight years), securing a $400-million Shariah-compliant facility.

Further, last year was also a successful one in terms of the AFC’s mobilisation of equity. The corporation raised $181.8-million in new capital from ten international investors, one of which was the AFC’s first non-African sovereign shareholder, Turk Eximbank.

The AFC has AAA credit ratings from S&P Global (China) and China Chengxin International, and an A3 (stable) rating from Moody’s.