Africa Finance Corporation (AFC), the continent’s well-known infrastructure solutions provider, has reported its strongest financial results to date, with total revenue for the year ended 31 December 2024 exceeding $1bn for the first time in its history.

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.

Source: Zawya