AFC’s Unwavering Commitment to Africa’s Economic Growth
As Africa Finance Corporation (AFC) reflects on 2024, the institution takes pride in its groundbreaking investments and unwavering commitment to fostering economic transformation across the continent. Through strategic infrastructure financing, AFC has solidified its position as a catalyst for Africa’s industrialization and sustainable growth, thanks to the steadfast support of its valued stakeholders.
Pioneering Investments Powering Africa’s Future
AFC’s 2024 investment portfolio was defined by transformative projects that have reshaped key sectors, including mining, energy, transport, and industrialization.
- Kamoa-Kakula Copper Complex – AFC’s investment in Africa’s largest copper mining operation in the Democratic Republic of Congo underscores its commitment to low-carbon resource extraction, supporting the global transition to clean energy.
- ARISE IIP – A joint US$443 million investment with the Fund for Export Development in Africa (FEDA) facilitated industrial expansion across 12 African nations, strengthening local value chains.
- Lobito Rail Project – With a US$500 million commitment, AFC spearheaded the Zambia-Lobito II greenfield rail corridor, reinforcing intra-African trade. An additional US$100 million investment in Kobaloni Energy further supports sustainable infrastructure.
- Xlinks Morocco–UK Power Project – AFC played a pivotal role in financing this ambitious project, which will deliver 3.6GW of affordable renewable energy to the UK via a 4,000-kilometer subsea HVDC cable.
Mobilizing Capital for African Development
AFC’s ability to attract significant funding has been instrumental in driving these projects forward. In 2024, the corporation successfully raised ~US$3 billion from equity and debt capital markets:
- Equity Expansion – Capital mobilization efforts drew investments from African sovereign entities, pension funds, and non-regional investors. The launch of the Green Shares Program, anchored by a US$30 million investment from AfDB, marked a milestone in sustainable financing.
- Debt Funding – AFC secured diversified funding, including a US$1.16 billion syndicated loan, US$500 million perpetual hybrid note, and US$400 million Sharia-compliant Murabaha facility, among others.
AFC’s “stable” credit rating reaffirmed by Moody’s for the tenth consecutive year, alongside an AAAspc rating from S&P Global (China), bolstered investor confidence and positioned the corporation as a top-tier African financial institution.
Expanding Reach and Strengthening Partnerships
In 2024, AFC broadened its footprint, welcoming three new member countries—Eswatini, Comoros, and Tanzania—expanding its membership base to 45 nations, covering 83% of Africa. Strategic alliances with institutions such as the Japan Institute for Overseas Investment (JOI), Saudi Exim Bank, ASEACC, and UNIDO further enhanced AFC’s ability to drive infrastructure projects at scale.
The corporation also played a critical role in structuring significant transactions:
- €2 billion syndication for the Bank of Industry
- US$400 million Eurobond issuance for Ecobank
- US$900 million domestic dollar bond issuance for the Nigerian government
- US$200 million corporate finance facility for BUA Group
Transformational Impact and Global Recognition
AFC’s strategic investments continue to unlock economic opportunities, generating thousands of jobs, accelerating industrialization, and reducing CO₂ emissions across multiple African economies. This impactful work garnered prestigious global accolades in 2024, including:
- IJInvestor Awards – Financial Adviser of the Year, Innovation of the Year (MENA)
- Mining Indaba – Responsible Resourcing Award for Community Engagement
- Bonds, Loans & ESG Capital Markets Africa Awards – Sovereign Treasury Team of the Year, M&A Deal of the Year, and Acquisition Finance Deal of the Year
Looking Ahead: AFC Country & Stakeholder Symposium 2025
AFC invites partners, investors, and stakeholders to its highly anticipated Country and Stakeholder Symposium (CSS) 2025 on Tuesday, April 8, 2025, where discussions will focus on accelerating Africa’s development through strategic infrastructure investment.
As AFC reflects on a year of remarkable achievements, the corporation remains committed to shaping Africa’s future through bold, high-impact infrastructure development. The journey continues, and with strong partnerships, the possibilities for transformation are boundless.
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