Debt
We always take an end-to-end view of projects, seeking to participate through the entire project life cycle from concept design to operations, working with partners to find solutions to market challenges.
We are one of Africa’s unique success stories, well positioned to continue playing a catalytic role in mobilising global capital to help bridge Africa’s critical infrastructure deficits. As such, we consistently seek proactive engagements with private and multilateral institutions to provide finance for transformative infrastructure projects in Africa with high developmental impact.
This clear focus has enabled us to grow stronger year by year to become one of the highest investment-grade rated multilateral financial institution in Africa – with a constant A3/P2 rating since 2015 from Moody’s Investors Service. We have consistently grown our balance sheet, broadened our asset base and expanded our geographic footprint. Since 2007, AFC has mobilised up to US$5.1 billion of funding from global debt markets and deployed over US$12.7 billion in investments to finance projects in 36 African countries.
AFC's Borrowings
Funding
Funding plays a critical role in AFC’s operations, enabling the execution of transformative projects across the continent. Our strategies to seek new and varied sources across the world include:
Tapping into niche markets to attract new pockets of liquidity
Diversifying our funding sources through a proactive investor engagement programme
Leveraging market opportunities to drive down funding costs
Extending maturity profile of debts to fund longer-term assets
Performance track record
Since inception, we have demonstrated consistently high performance in facilitating instrumental infrastructure investment across the continent.
| Instrument | Instrument | Amount | Tenor | Year | Use of Proceeds |
Deutsche Investitions- und Entwicklungsgesellschaft |
Loan |
Eu€150,000,000 | 10 | 2022 | supports the development and implementation of infrastructure projects that enhance the continent’s ESG impact |
Kimchi |
Loan |
$160,000,000 | 3 | 2022 | Enhancement of investment capacity |
Opec Fund for International Development(OFID) |
Loan |
$50,000,000 | 10 | 2022 | Enhancement of investment capacity |
Samurai |
Loan |
$412,000,000 / ¥1,000,000,000 | 3 | 2022 | Enhancement of investment capacity |
Korea Development Bank |
Loan |
$100,000,000 | 5 | 2022 | Enhancement of investment capacity |
CDP |
Loan |
EU€100,000,000 | 10 | 2022 | To support the renewable energy transition in Africa |
Syndicated Loan |
Loan |
400,000,000 | 3 | 2021 | Enhancement of investment capacity |
Deutsche Investitions- und Entwicklungsgesellschaft (DEG)/Proparco/FMO |
Loan |
170000000 | 12 | 2021 | Enhancement of investment capacity |
Export-Import Bank of India |
Loan |
$100,000,000 | 9 | 2021 | To develop the critical infrastructure required to rebuild Africa’s economies, post-COVID 19. |
KfW IPEX-Bank GmbH |
Loan |
$100,000,000 | 3 | 2021 | Enhancement of investment capacity |
United States International DFC |
Tier 2 Loan |
$250,000,000 | 15 | 2020 | Enhancement of investment capacity |
OPEC Fund for International Development |
Loan |
$50,000,000 | 10 | 2020 | Enhancement of investment capacity |
KIMCHI Loan Facility |
Loan |
$140,000,000 | 3 | 2019 | Enhancement of investment capacity |
Samurai Loan Facility |
Loan |
233,000,000 / ¥1,000,000,000 | 3 | 2019 | Enhancement of investment capacity |
International Club Loan Facility |
Loan |
300000000 | 3 | 2018 | Enhancement of investment capacity |
China Export Import Bank |
Loan |
300,000,000 | 5 | 2018 | Enhancement of investment capacity |
Overseas Private Investment Corporation |
Loan |
19500000 | 7 | 2018 | Enhancement of investment capacity |
Agence Francaise de Developpement |
Loan |
$100,000,000 | 19 | 2018 | Enhancement of investment capacity |
Oesterreichische Entwicklungsbank AG(OeEB) |
Loan |
$30,000,000 | 4 | 2018 | Enhancement of investment capacity |
Islamic Development Bank |
Loan |
$10,000,000 | 5 | 2017 | Enhancement of investment capacity |
Kfw Development Bank |
Loan |
$50,000,000 | 15 | 2016 | Enhancement of investment capacity |
Kfw Development Bank |
Loan |
$100,000,000 | 15 | 2016 | Enhancement of investment capacity |
Proparco |
Loan |
$250,000,000 | 10 | 2013 | Enhancement of investment capacity |
Proparco |
Loan |
32000000 | 10 | 2013 | Enhancement of investment capacity |
Africa Development Bank |
Loan |
115,750,000 | 10 | 2012 | Enhancement of investment capacity |
| Instrument | Instrument | Amount | Tenor | Year |
MTN Eurobond Series 21 |
Eurobond |
$750,000,000 | 7 |
2021 |
MTN Eurobond Series 14 |
Eurobond |
$700,000,000 | 5 |
2020 |
MTN Eurobond Series 11 |
Eurobond |
$500,000,000 | 7 |
2019 |
MTN Eurobond Series 10 |
Eurobond |
$650,000,000 | 5 |
2019 |
MTN Eurobond Series 9 |
Eurobond |
$500,000,000 | 10 |
2017 |
MTN Eurobond Series 1 |
$750,000,000 |
$750,000,000 | 5 |
2015 |
Green Bond(15) |
Green Bond |
CHF150,000,000 | 5 |
2020 |
CHF Bond (12) |
Public Bond |
CHF200,000,000 | 4 |
2019 |
CHF Bond |
Eurobond |
CHF100,000,000 | 3 |
2016 |
| Counterparty | Instrument | Amount | Tenor | Year | Use of Proceeds |
Syndicated Loan (Mashreq) |
Borrowing | $625,000,000.00 | 3 | 2023 | Enhancement of investment capacity |
China Export Import Bank |
Borrowing | $300,000,000.00 | 3 | 2023 | Enhancement of investment capacity |
China Export Import Bank |
Borrowing | $100,000,000.00 | 5 | 2023 | Enhancement of investment capacity |
OPEC Fund for International Development |
Borrowing | $50,000,000.00 | 10 | 2023 | Enhancement of investment capacity |
CASSA DEPOSITI E PRESTITI S.P.A |
Borrowing | € 50,000,000.00 | 10 | 2023 | Enhancement of investment capacity |
African Development Bank |
Borrowing | $350,000,000.00 | 12 | 2023 | Enhancement of investment capacity |
Standard Finance(Standard Bank Isle of Man) |
Borrowing | $50,000,000.00 | 2 | 2013 | Enhancement of investment capacity |
First Rand Bank Ltd London |
Borrowing | $75,000,000.00 | 3 | 2014 | Enhancement of investment capacity |
Syndicated loan |
Borrowing | $250,000,000.00 | 2 | 2013 | Enhancement of investment capacity |
Modupe Famakinwa, Senior Vice President, Head, Corporate Funding & Investor Relations
Modupe leads the Funding and Investor Relations Functions at Africa Finance Corporation (AFC), Africa's second-highest-rated multilateral financial institution. Since 2014, Modupe has held the corporate funding reigns at AFC, strategising and executing capital raise, raising circa US$10 Billion, which has gone towards financing infrastructure projects in thirty-six(36) African countries. In this role, she is responsible for liability management, ensuring capital requirements are met while maintaining a healthy, liquid balance sheet.
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Loans, Eurobonds, Borrowing
Loans