Bakwena Toll-Road, South Africa

Bakwena Road consists of a 95km section of the N1 highway running from Pretoria northwards, and a 290km section of the N4 highway running from Pretoria westwards, to the Botswana border.....

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Main One Fibre Optic Cable

Main One set up to own and operate a sub-marine fibre optic cable from Portugal to South Africa, landing in Nigeria.AFC is co-largest equity investor with up to USD37.0 million committed....

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Bel Air Mining

An international consortium including Africa Finance Corporation (AFC) is set to invest in Alufer Mining Limited to fund the development of Guinea-Conakry’s high grade bauxite reserves. The US$205 million deal will be one of the largest foreign investments in the country since the 2014 Ebola crisis.

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Fast Tracking Africa’s Economic Development

As the mandated lead arranger, AFC coordinated financing for the transaction from a consortium of nine private sector commercial banks, development finance institutions, and institutional and export credit agencies

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Creating Capacity Through Sustainable Development

AFC is the lead investor in Cabeolica SA and works on a Public Private Partnership (PPP) basis with the Government of Cape Verde and Electra, the national power utility.

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Investing in Africa’s Infrastructure Development

AFC was the mandated lead arranger of the mezzanine tranche of the financing and provided an aggregate commitment of US$55 million comprising commitments

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Principal Investing
Project Development
Financial Advisory
Environmental and Social Management

News & Press Releases

Africa Finance Corporation Response to Moody’s Rating Decision

Lagos 06 May 2020: On 5 May, 2020, Moody’s Investor Services affirmed the Africa Finance Corporation’s (“AFC” or “the Corporation”) long-term issuer and senior unsecured ratings at A3. Concurrently, Moody’s also affirmed the Corporation’s provisional long-term foreign currency senior unsecured MTN programme rating at (P)A3, the short-term issuer rating at P-2 and the short-term rating at (P)P-2. The outlook has however changed from stable to negative..... Read more »

Africa Finance Corporation appoints new Chairman and announces changes to its Board

Africa Finance Corporation (“AFC” or the “Corporation”), the leading infrastructure solutions provider in Africa, today announces the appointment of Dr. Kinglsey Obiora as its new Chairman as well as the appointment of Ms. Soula Proxenos as an Independent Non-Executive Director and Henry Oroh and Mr. Batchi Baldeh as Non-Executive Directors.
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Our History and Achievements

2006 – 2008

Technical committee set-up to produce AFC concept paper.

AFC set-up as CBN lead PPP with banks.

Subsidiary committees of Board established.

First equity investment approved: Main One Cable.


Gambia, Liberia, Sierra Leone and Guinea join AFC.

First debt investment: Kosmos Ghana.

Nigeria positively concludes inquiry

Inaugural IFRS based financial statements approved by AGM

Bayo Ogunlesi joins Board as new Chairman

Deal of the Year Award with HSBC and Afrexim.

Net Income: US$28.7mm

Ratification instruments for Establishment and Headquarters Agreements signed.

AFC appointed Technical Adviser to CBN on power and aviation fund.

Net Income: US$10.9mm

US$775mm in approved investment transactions.

Ghana joins AFC and pledges US$ 50 million investment

Broad pan-african business footprint: Ghana, CIV, Zambia, Ethiopia, South Africa, Cape Verde, Kenya.

Net Income: US$34.7mm

Dividends: US$ 15.0 million


Investment portfolio of US$974 million committed, US$799 million disbursed, 80% debt & 20% equity, across 13 countries.

Cumulative investments: US$ 1.87 billion approved, US$1.37 billion committed, US$1.06 billion disbursed, (53% in Nigeria, 15% in W.A, 17% in E.A, 5% in SA & 10% in others)

140 projects reviewed across all 6 sectors, valued at over US$3.5 billion

US$200 million line of credit from AfDB

Membership: Chad joins. Gambia ratifies

Parliamentary approval for Cenpower

Net Income: US$56.3mm

2013 - 2014

Revised 5-year plan to become a US$5bn operation by 2016.

Cumulative investment in excess of US$1.2bn.

Total assets of US$1.9bn.

Oversubscribed debut international syndication of US$250 million

European DA lines of credit of US$125 million

First investment in Chad, Cameron, DRC & Gabon.

Cape Verde becomes a member.

Debut international credit rating of A3 by Moody’s.

Third successive year of dividend payment

Net Income: US$93m

AFC total investments now stand at US$3.2 billion across 22 African countries.

Inaugural US$750 million 4.375% 5-year international bond issued. Bond is over six times oversubscribed.

Accreditation as a partnering institution to the Green Climate Fund.

Gabon, Côte d’Ivoire, Rwanda and Uganda join AFC.

Cooperation agreements signed with Islamic Development Bank and East African Development Bank.

A3 credit rating reaffirmed by Moody’s

Net Income: US$70m


AFC merges several key power assets with Harith General Partners

US$ 55 million invested in Maamba Collieries Limited, Zambia

Lead arranger for an up to US$425 million senior mezzanine facility for New Age (African Global Energy) and invested US$75 million

Secured a US$150 million 15-year loan facility from KfW Development Bank

Launch of Africa Infrastructure Development Association (AfIDA), a think tank and network to promote and enable project development Bank

Hosted the Powering Africa’s Future Forum in Dubai with Dentons, a leading global law firm

Djibouti becomes AFC member.

Net Income: US$115.3m


AFC issues US$150 million maiden sukuk

US$25 million quasi-equity investment in Carbon Holdings

AFC joins consortium to invest US$ 205 million in Alufer Mining

Arranged senior debt facilities of US$225 million, contributed US$75 million in loans and providing and underwriting commitment of US$35 million for Hakan IPP

AFC issues US$500 million Eurobond

Kenya, Benin and Zambia become AFC members

Launch of Gabon Special Economic Zone, in which AFC invested US$ 150 million

AFC sign Master Cooperation Agreement with International Finance Corporation

AFC signs Accreditation Master Agreement with Green Climate Fund

Net Income: US$109.1m


Samalia Zubairu appointed AFC’s 3rd President and CEO

Ghana becomes sovereign shareholder in AFC

Africa Reinsurance becomes first multilateral corporation to invest in AFC

AfDB investment in AFC equity

Malawi, Togo and Zimbabwe become AFC member states

AFC secures US$ 300 million loan facility with China’s Export Import Bank

Completion of construction of the Bel Air Bauxite Mine in Guinea-Conarkry

Signing of joint development agreement for Wind Power project in Djibouti

Société Ivoirienne de Raffinage, lead arranger of €577 million debt facility

AFC investment of €50 million in Nachtigal 420MW Hydro Power Company, Cameroon

US$ 300 million syndicated facility from commercial banks

Net Income: US$118m