Africa Finance Corporation surpasses US$1bn revenue for the first time

Africa Finance Corporation (AFC) has announced a major milestone, reporting total revenue exceeding US$1 billion for the first time in its history. The Corporation, which provides infrastructure solutions across the continent, revealed its financial results for the year ending 31 December 2024, marking its strongest performance to date.

Revenue growth and financial highlights

AFC recorded a 22.8% rise in total revenue to US$1.1 billion and a 22.3% increase in total comprehensive income to US$400 million, up from US$327 million in 2023. According to the Corporation, its earnings growth was supported by improved asset yields, prudent cost-of-funds management, and growing advisory mandates.

Key financial metrics reported include:

Net interest income rose 42.5% to US$613.6 million
Fee and commission income climbed to US$109 million, the highest in over five years
Operating income increased 42.7% to US$709.7 million
Total assets grew to US$14.4 billion, reflecting a 16.7% year-on-year increase
Liquidity coverage ratio strengthened to 194%, providing over 34 months of cover
Cost-to-income ratio improved to 17.3%, compared to 19.6% in 2023

Landmark infrastructure projects

Throughout 2024, AFC advanced its infrastructure strategy by mobilising capital for several significant projects across Africa. Among these was the Lobito Corridor, a cross-border railway development connecting Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC secured a concession agreement within one year of the initial Memorandum of Understanding (MoU), a rare accomplishment for a project of its scale.

In the DRC, AFC invested US$150 million in the Kamoa-Kakula Copper Complex, which is recognised as Africa’s largest copper producer. The complex operates a renewable-powered smelter and high-grade ore facility.

Other initiatives included financing support for the commissioning of the Dangote Refinery, the largest refinery in Africa. AFC also contributed to the advancement of Infinity Power Holding’s 10 GW clean energy projects, with agreements finalised in Egypt and South Africa. Additionally, AFC invested US$14.1 million into the early-stage development of the Xlinks Morocco-UK Power Project, aimed at creating a renewable energy link between North Africa and Europe.

Capital mobilisation and funding initiatives

AFC strengthened its capital base during the year through several funding milestones. These included a US$1.16 billion syndicated loan, the largest in its history, and a US$500 million perpetual hybrid bond issue. AFC also issued Nigeria’s first-ever domestic dollar bond, which raised US$900 million following an 180% oversubscription.

The Corporation returned to the Islamic finance market after eight years, closing a US$400 million Shariah-compliant facility.

Equity mobilisation remained strong, with AFC raising US$181.8 million from ten institutional investors. New investors included Turk Eximbank, the Corporation’s first non-African sovereign shareholder, and the Arab Bank for Economic Development in Africa (BADEA). Other contributors included major pension funds from Cameroon, Seychelles, Mauritius, and South Africa.

Ratings agencies affirmed AFC’s credit profile, with S&P Global (China) and China Chengxin International awarding AAA ratings, and Moody’s maintaining a stable A3 Outlook.

Leadership remarks

“These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors,” said Samaila Zubairu, President and CEO of AFC. “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.”