Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has announced a record-breaking financial performance for the year ended December 31, 2024, with revenue exceeding $1.1 billion—the highest in the Corporation’s history.
This milestone marks a defining moment in AFC’s mission to close Africa’s vast infrastructure gap by catalyzing scalable, de-risked investments that attract global capital and deliver long-term development outcomes. The Corporation recorded a 22.8% increase in total revenue, while total comprehensive income rose by 22.3% to $400 million, up from $327 million in 2023.
“Our results send a strong message—strategic investment in African infrastructure creates lasting value for both beneficiaries and investors,” said Samaila Zubairu, President & CEO of AFC. “In 2024, we crossed the billion-dollar revenue threshold, delivered game-changing projects, and strengthened our financial resilience. This proves the scalability of our model, which blends purpose with performance.”
Strong Financial and Operational Performance
AFC’s earnings surge was underpinned by improved asset yields, disciplined cost-of-funds management, and increased advisory activities. Key financial highlights include:
- Net interest income rose by 42.5% to $613.6 million
- Fee and commission income reached $109 million—its highest in over five years
- Operating income jumped 42.7% to $709.7 million
- Total assets grew 16.7% to a record $14.4 billion
- Liquidity coverage ratio strengthened to 194%, providing 34 months of coverage
- Cost-to-income ratio improved to 17.3% from 19.6% in 2023
Scaling Impact Across the Continent
Throughout the year, AFC mobilized capital for several transformative infrastructure projects. A standout initiative was the Lobito Corridor—a multi-country railway connecting Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC led efforts to secure a concession agreement within a year, a remarkable feat for a project of its magnitude.
Other key investments included:
- $150 million in the Kamoa-Kakula Copper Complex in the DRC
- Support for commissioning the Dangote Refinery, Africa’s largest
- Progress on Infinity Power Holding’s 10 GW clean energy pipeline
- Funding the Xlinks Morocco-UK Power Project with $14.1 million
Expanding Capital and Investor Base
AFC’s capital base also saw significant strengthening. It raised:
- $1.16 billion through its largest-ever syndicated loan
- $900 million in Nigeria’s first domestic dollar bond (180% oversubscribed)
- $500 million via a perpetual hybrid bond
- $400 million through a Shariah-compliant facility
Additionally, $181.8 million in equity was raised from institutional investors including Turk Eximbank (AFC’s first non-African sovereign shareholder) and pension funds across Africa.
With affirmed credit ratings and investor confidence on the rise, AFC is poised to continue playing a catalytic role in Africa’s journey toward sustainable, inclusive growth.
