Lagos, Nigeria — Africa Finance Corporation (AFC), which leads in infrastructure solutions across the continent, has reported its most robust financial outcomes yet. The company’s total earnings as of December 31, 2024, exceeded $1 billion for the very first time since the corporation was established.

This achievement represents a major step towards fulfilling AFC’s objective of addressing Africa’s infrastructure deficit via scalable, de-risked investments designed to draw international funding and yield measurable developmental benefits. The corporation saw an uptick of 22.8%, with total revenues reaching $1.1 billion, alongside a 22.3% growth in overall comprehensive income to $400 million, compared to $327 million recorded in the previous year.

The increase in AFC's profits was fueled by better returns on 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 commission revenue 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 initiatives in sectors such as energy, transportation, and natural resources. This involved the Lobito Corridor—a transnational railway venture connecting Angola, the Democratic Republic of Congo (DRC), and Zambia. Within just twelve months from signing the initial MoU, AFC spearheaded efforts to obtain a concession agreement, setting a new benchmark for similar large-scale endeavors. Additionally, in the DRC, AFC committed $150 million towards the Kamowa-Kakula Copper Project, which stands out not only as Africa’s biggest copper production site but also as one of the world’s leading eco-friendly operations due to its rich ores and use of renewable energy sources at its processing facilities.

Additional significant deals involved financial assistance for the launch of the Dangote Refinery, which stands as the biggest refinery in Africa. Furthermore, steady advancement was made towards AFC-supported Infinity Power Holdings' target of developing 10 gigawatts of clean energy capacity, with power purchase agreements finalized in both Egypt and South Africa. Additionally, AFC committed $14.1 million toward 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 grew its investment community via multiple significant funding efforts. Among these were a $1.16 billion syndicated loan—the biggest in the organization’s record; a $500 million perpetual hybrid bond issuance; and the effective launch of Nigeria’s inaugural local currency-denominated dollar bond, attracting subscriptions worth $900 million over expectations by 80%. Additionally, AFC made a return to the Islamic financing sector after an absence of eight years with a $400 million Shariah-compliant facility.

In this period, significant progress was observed in equity fundraising activities, amassing $181.8 million from ten institutional investors. Among these were notable entities such as Turk Eximbank — which marked AFC’s inaugural non-African sovereign investor — BADEA (the Arab Bank for Economic Development in Africa), along with various prominent pension funds hailing from countries like Cameroon, Seychelles, Mauritius, and South Africa. Credit rating organizations confirmed AFC's solid financial standing through top-tier evaluations including AAA ratings awarded by both S&P Global (China) and China Chengxin International, coupled with a steady A3 outlook provided by Moody’s.

These findings clearly indicate that making smart investments in African infrastructure generates long-term benefits for all stakeholders involved, including both recipients and financiers," stated Samaila Zubairu, President & CEO of AFC. "In 2024, we surpassed the one-billion-dollar revenue threshold, implemented transformative initiatives, and strengthened our fiscal stability, showcasing how our distinctive approach—which merges mission-driven goals with operational excellence—can expedite Africa’s economic evolution.