Africa Finance Corporation’s Record-Breaking Financial Year in 2024.

Thursday 10th April 2025

AFC announced its strongest financial performance to date, with total revenue for the year ended 31 December 2024 surpassing US$ 1 billion for the first time in the Corporation’s history

Por inAfrika Reporter

Africa Finance Corporation (AFC) has achieved an extraordinary milestone with a revenue surpassing US$1 billion for the first time in its history, closing the year 2024 with a remarkable 22.8% increase in revenue. The corporation’s total comprehensive income also saw a significant rise, growing by 22.3% to US$400 million compared to US$327 million in 2023. This stellar financial performance solidifies AFC’s role as a key player in closing Africa’s infrastructure gap through investment in scalable projects that attract global capital.

AFC’s success in 2024 can be attributed to several factors, including improved asset yields, strategic cost management, and continued success in advisory mandates. The corporation’s net interest income soared by 42.5% to reach US$613.6 million, while fee and commission income climbed to its highest level in over five years, reaching US$109 million. Operating income saw an impressive rise of 42.7%, totaling US$709.7 million, and total assets grew by 16.7% to a record US$14.4 billion.

The year also marked notable achievements in AFC-backed infrastructure projects. The Lobito Corridor, a cross-border railway initiative in Angola, the Democratic Republic of Congo (DRC), and Zambia, was one of the most ambitious projects undertaken by AFC. Additionally, AFC invested US$150 million in the Kamoa-Kakula Copper Complex in the DRC, known as Africa’s largest copper producer, as well as supported the Dangote Refinery’s commissioning in Nigeria, the largest refinery in Africa. AFC’s investment in clean energy initiatives, including the 15GW Xlinks Morocco-UK Power Project, underscores its commitment to sustainable infrastructure development across the continent.

In 2024, AFC successfully raised capital through several funding initiatives, including a US$1.16 billion syndicated loan, a US$500 million hybrid bond issue, and the first-ever domestic dollar bond in Nigeria, which raised US$900 million with a 180% oversubscription. The corporation also returned to the Islamic finance market after eight years, closing a US$400 million Shariah-compliant facility. AFC’s impressive financial standing was confirmed by ratings agencies, with AAA ratings from S&P Global and China Chengxin International, and a stable A3 outlook from Moody’s.

Samaila Zubairu, AFC’s President & CEO, expressed his satisfaction with the corporation’s achievements, emphasizing that the results demonstrate the power of strategic investment in African infrastructure. The milestone signifies AFC’s dedication to improving the continent’s infrastructure and accelerating its economic transformation.