AFC Achieves Record US$1.1 Billion Revenue in 2024, Leading Africa’s Infrastructure Revolution

The Corporation also experienced a 22.3% rise in total comprehensive income, which grew to US$400 million in 2024, compared to US$327 million in 2023.

Africa Finance Corporation (AFC), the continent's premier infrastructure solutions provider, has announced its most remarkable financial performance to date. For the year ending 31 December 2024, AFC surpassed the significant milestone of US$1 billion in total revenue for the first time in its history, achieving US$1.1 billion, a 22.8% increase from the previous year. This extraordinary financial growth highlights AFC's commitment to bridging Africa’s infrastructure gap and demonstrates the effectiveness of its scalable, de-risked investment model that attracts global capital and yields tangible developmental outcomes.

The Corporation also experienced a 22.3% rise in total comprehensive income, which grew to US$400 million in 2024, compared to US$327 million in 2023. This success was underpinned by a combination of improved asset yields, prudent cost-of-funds management, and continued success in securing advisory mandates.

Key Financial Highlights:

• Net Interest Income surged 42.5% to US$613.6 million.

• Fee and Commission Income hit a five-year high, reaching US$109 million.

• Operating Income jumped 42.7% to US$709.7 million.

• Total Assets reached a record US$14.4 billion, marking a 16.7% increase year-on-year.

• Liquidity Coverage Ratio strengthened to 194%, providing more than 34 months of cover.

• Cost-to-Income Ratio improved significantly, decreasing from 19.6% in 2023 to 17.3% in 2024.

These financial results not only reflect AFC's strong fiscal discipline but also emphasize the growing global investor confidence in African infrastructure as a long-term, sustainable investment opportunity.

Landmark Projects and Investments

AFC’s stellar performance is also a direct result of its ongoing efforts to drive impactful infrastructure projects across the African continent. In 2024, AFC mobilized significant capital for various landmark projects in energy, transport, and natural resources. Among the most notable was the Lobito Corridor project, a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC played a pivotal role in securing a concession agreement within one year of signing the initial Memorandum of Understanding (MoU), a rare achievement for a project of such scale.

Additionally, AFC invested US$150 million into the Kamoa-Kakula Copper Complex, which is Africa’s largest copper producer and one of the world’s most sustainable due to its high-grade ore and renewable-powered smelter. Other major milestones included supporting the Dangote Refinery, the largest refinery in Africa, and progressing on Infinity Power Holding's ambitious 10 GW clean energy goal, with successful power purchase agreements in Egypt and South Africa.

AFC also contributed to the Xlinks Morocco-UK Power Project, investing US$14.1 million to support the development of a 15GW transcontinental renewable energy pipeline linking North Africa with Europe. This investment is part of AFC’s broader commitment to driving Africa’s energy transition and fostering renewable energy development across the globe.

Capital Mobilization and Funding Initiatives

In addition to its impressive project financing, AFC demonstrated unparalleled financial acumen in 2024 by securing several major funding initiatives. The Corporation raised a US$1.16 billion syndicated loan, the largest in its history, and issued a US$500 million perpetual hybrid bond. It also executed Nigeria’s first-ever domestic dollar bond, raising US$900 million, with a remarkable oversubscription rate of 180%.

Further diversifying its capital base, AFC re-entered the Islamic finance market after an eight-year hiatus, successfully closing a US$400 million Shariah-compliant facility. This diverse approach to funding helped AFC strengthen its investor base, allowing for greater flexibility in mobilizing capital for future projects.

AFC also saw a significant uptick in equity mobilisation, with US$181.8 million raised from ten institutional investors, including Turk Eximbank, AFC’s first non-African sovereign shareholder, the Arab Bank for Economic Development in Africa (BADEA), and several major pension funds from across Africa, including Cameroon, Seychelles, Mauritius, and South Africa.

Ratings and Recognition

AFC’s strong financial performance was further validated by leading credit rating agencies. The Corporation received AAA ratings from both S&P Global (China) and China Chengxin International and maintained a stable A3 Outlook from Moody’s, reaffirming AFC’s robust credit profile and financial stability.

AFC’s Commitment to Africa’s Transformation

Reflecting on AFC’s transformative year, Samaila Zubairu, President and CEO of AFC, stated: “These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors. In 2024, we not only surpassed the billion-dollar revenue mark, but we also delivered game-changing projects and reinforced our financial resilience. Our unique model blends purpose with performance to accelerate Africa’s economic transformation, and this year we demonstrated its scalability and impact.”

As AFC continues to scale its impact and lead high-profile infrastructure projects across Africa, it remains committed to its mission of driving sustainable development, fostering economic growth, and attracting both local and international investors to the African infrastructure sector.

Through this record-breaking year, AFC has proven its pivotal role in the economic development of Africa, reinforcing its position as a key player in closing the continent’s infrastructure gap and enabling the global community to reap the benefits of investments in Africa's future.