By Ben Ezeamalu
LAGOS (Reuters) – The African Finance Corporation’s (AFC) revenue rose 22.8% last year to $1.1 billion, it said on Wednesday, citing project finance and infrastructure deals across Africa.
The AFC said the revenue performance was its strongest to date, adding that net income rose 22.3% to $400 million, up from $327 million a year ago.
Chief Executive Samaila Zubairu said the result shows that strategic investment in African infrastructure creates lasting value for beneficiaries and investors.
“In 2024 we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience, demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa’s economic transformation,” Zubairu said.
The corporation said it mobilised capital for African projects ranging from energy to natural resources.
Some of the projects funded included the Lobito Corridor, a 1,300km railway that connects Angola’s port of Lobito to the Democratic Republic of Congo and Zambia.
The AFC also said it invested $150 million in the Kamoa-Kakula Copper Complex in the DRC, Africa’s largest copper producer.
It provided financial support for the commissioning of the Dangote refinery, Africa’s largest, and continued to provide support for AFC-backed Infinity Power Holding’s 10GW clean energy target.
The corporation said it also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1 million to support early stage development of a transcontinental renewable energy pipeline between North Africa and Europe.
(Editing by Chijioke Ohuocha; Editing by David Goodman)
