- Africa Finance Corporation achieved its strongest financial performance ever, with revenue exceeding $1 billion for the first time.
- The corporation reported a 22.3% increase in total comprehensive income to $400 million while expanding its infrastructure investments across Africa.
Africa Finance Corporation (AFC) has recorded its best financial results ever, with total revenue breaking the $1 billion mark for the first time.
The leading infrastructure solutions provider posted $1.1 billion in revenue for the year ended December 31, 2024, representing a 22.8% increase from the previous year. Total comprehensive income rose to $400 million, up 22.3% from $327 million in 2023.
AFC’s net interest income surged by 42.5% to $613.6 million, while fee and commission income reached $109 million, the highest in over five years. The corporation’s total assets grew to a record $14.4 billion, increasing 16.7% year-on-year.
Its financial position strengthened with a liquidity coverage ratio of 194%, providing over 34 months of cover, while the cost-to-income ratio improved to 17.3% from 19.6% in 2023.
AFC’s President and CEO Samaila Zubairu highlighted the significance of these results, stating, “These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors.”
Throughout 2024, AFC focused on mobilising capital for high-impact infrastructure projects across Africa. These included leading the Lobito Corridor initiative, a cross-border railway development connecting Angola, the Democratic Republic of Congo, and Zambia.
AFC also invested $150 million in the Kamoa-Kakula Copper Complex, Africa’s largest copper producer. Additionally, the corporation committed $14.1 million to the 15GW Xlinks Morocco-UK Power Project, which aims to create a renewable energy pipeline between North Africa and Europe.
Other significant transactions included financing support for the Dangote Refinery, the largest in Africa, and a $14.1 million investment in the 15GW Xlinks Morocco-UK Power Project, which connects North Africa and Europe.
The corporation’s financial strength is further demonstrated by its total assets reaching a record $14.4 billion, a 16.7% year-on-year increase. Its liquidity coverage ratio strengthened to 194%, providing over 34 months of cover, while the cost-to-income ratio improved to 17.3% from 19.6% in 2023.
AFC strengthened its capital base through several funding initiatives, including a record $1.16 billion syndicated loan, a $500 million perpetual hybrid bond issue, and Nigeria’s first domestic dollar bond, raising $900 million. The corporation also raised $181.8 million in new equity capital from ten institutional investors, including its first non-African sovereign shareholder, Turk Eximbank.