Africa Finance Corporation hits record $1bln revenue with landmark projects
This record performance marks a significant milestone in AFC's mission to close Africa's infrastructure gap through scalable, de-risked investments that attract global capital and deliver tangible development outcomes. The Corporation posted a 22.8% increase in total revenue to $1.1bn and a 22.3% rise in total comprehensive income to $400m, up from $327m in 2023.
AFC's earnings growth was driven by improved asset yields, prudent cost-of-funds management and sustained traction in advisory mandates.
Further significant financial highlights include:
- Net interest income up 42.5% to $613.6m
- Fee and commission income rose to $109m, the highest in over five years
- Operating income climbed 42.7% to $709.7m
- Total assets reached a record $14.4bn, 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% from 19.6% in 2023
Throughout 2024, AFC continued to scale its impact by mobilising capital for landmark projects across energy, transport, and natural resources. These included the Lobito Corridor – a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC led the initiative to secure a concession agreement within one year of the initial Memorandum of Understanding (MoU), an unprecedented achievement for a project of its scale.
In the DRC, AFC also invested $150m in the Kamoa-Kakula Copper Complex, Africa's largest copper producer and one of the most sustainable globally, thanks to its high-grade ore and renewable-powered smelter.
Strategic capital expansion
Other milestone transactions included financing support for the commissioning of the Dangote Refinery, the largest in Africa, and continued progress on AFC-backed Infinity Power Holding's 10 GW clean energy ambition, with power purchase agreements secured in Egypt and South Africa. AFC also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1m to support early-stage development of a transcontinental renewable energy pipeline between North Africa and Europe.
AFC strengthened its capital base and expanded its investor network through several landmark funding initiatives. These included a $ 1.16bn syndicated loan - the largest in its history, a $500m perpetual hybrid bond issue, and the successful execution of Nigeria's first-ever domestic dollar bond, which raised $900m at 180% oversubscription. AFC also returned to the Islamic finance market after eight years, closing a $400m Shariah-compliant facility.
The year also saw strong momentum in equity mobilisation, with $181.8m in new capital raised from 10 institutional investors. These included Turk Eximbank - AFC's first non-African sovereign shareholder - the Arab Bank for Economic Development in Africa (BADEA), and several major pension funds spanning Cameroon, Seychelles, Mauritius, and South Africa. Ratings agencies affirmed AFC's robust credit profile, with AAA ratings from S&P Global (China) and China Chengxin International, and a stable A3 Outlook from Moody's.
'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 chief executive officer 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.'
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