The continent’s top provider of infrastructure solutions, Africa Finance Corporation (AFC), reported on Wednesday that its fiscal year ending December 31, 2024, saw a revenue of over $1.1 billion, the highest in the company’s history.
This achievement marks a significant milestone in AFC’s mission to bridge Africa’s enormous infrastructure gap by promoting scalable, low-risk investments that attract international funding and yield long-term development results. While total comprehensive income increased by 22.3% to $400 million from $327 million in 2023, the Corporation’s total revenue increased by 22.8 percent.
“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.”
AFC’s key 2024 financial highlights
Improved asset yields, strict cost-of-funds management, and more advisory activities supported AFC’s earnings boom. Notable financial highlights include:
- Net interest income increased by 42.5 percent to $613.6 million.
- Fee and commission income reached $109 million—its highest in over five years.
- Operating income rose by 42.7 percent to $709.7 million.
- Total assets grew 16.7 percent to a record $14.4 billion.
- The liquidity coverage ratio strengthened to 194 percent, providing 34 months of coverage.
- The cost-to-income ratio improved to 17.3 percent from 19.6 percent in 2023.
AFC’s 2024 raised funding
AFC raised funding for a number of game-changing infrastructure initiatives during the year. The Lobito Corridor, a multi-country railway that links Zambia, the Democratic Republic of Congo (DRC), and Angola, was a noteworthy project. For a project of its magnitude, AFC’s leadership in securing a concession agreement in less than a year is impressive.
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Other key investments include $150 million in the Kamoa-Kakula Copper Complex in the DRC; support for commissioning the Dangote Refinery; progress on Infinity Power Holding’s 10 GW clean energy pipeline; and funding the Xlinks Morocco-UK Power Project with $14.1 million.
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 percent oversubscribed); $500 million via a perpetual hybrid bond; and $400 million via a Shariah-compliant facility.
AFC also raised $181.8 million in equity from pension funds throughout Africa and institutional investors, including Turk Eximbank, its first non-African sovereign shareholder.
AFC is well-positioned to continue acting as a catalyst in Africa’s transition to inclusive, sustainable growth, as evidenced by its rising investor confidence and confirmed credit ratings.
About Africa Finance Corporation (AFC)
AFC is an investment-grade multilateral finance organisation that was founded in 2007 with the goal of promoting infrastructure investment in Africa that is led by the private sector.
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To meet Africa’s infrastructure development needs and promote sustainable economic growth, its investment strategy integrates specialised industry knowledge with an emphasis on principal investments, financial and technical advice, project structuring, project development, and risk capital.
AFC makes investments in top-notch infrastructure assets that offer crucial services in the main infrastructure domains of transportation, telecommunications, heavy industry, power, and natural resources. Since its founding, the AFC, which has 43 member nations, has invested US$13 billion throughout Africa.