Africa Finance Corporation (AFC), a prominent provider of infrastructure solutions in Africa, has announced what can be seen as its most impactful year yet, featuring a substantial expansion of projects and investments across key sectors such as energy, transportation, mining, food security, textiles, and climate resilience. The corporation has managed to navigate the challenging global landscape of 2023, marked by geopolitical tensions, inflation, and debt distress, to implement crucial infrastructure projects central to Africa’s sustainable development and structural transformation.
Samaila Zubairu, President and CEO of AFC, highlighted the organization’s pivotal role in delivering impactful solutions for Africa, emphasizing its dedication to transformative projects that foster sustainable development and improve the economic trajectory of African nations. AFC’s initiatives have included landmark projects such as Djibouti’s first wind farm, which positions the country to become the first African nation entirely reliant on renewable energy. Additionally, the corporation led the development of the Lobito Corridor rail project, aiming to connect the Atlantic and Indian Oceans and mobilize industry across Angola, the Democratic Republic of Congo (DRC), and Zambia, in collaboration with the US, the European Union, and the governments of the involved countries.
AFC’s collaboration with Arise IIP has expanded Arise Special Economic Zones to 10 West and Central African countries, focusing on essential sectors such as food security, textiles, and minerals, thereby enhancing industrialization, value creation, and livelihoods. Notable projects AFC undertook in 2023 included a partnership with Xcalibur Multiphysics to map and responsibly utilize Africa’s natural mineral resources, aiming to promote greater mineral beneficiation and support diversified economies and clean energy transitions. The corporation also made a significant commitment to overhauling Kinshasa’s mass transit system in the DRC, collaborating with Trans Connexion Congo to improve mobility and reduce pollution.
A key achievement was the Green Climate Fund’s US$253 million commitment to AFC Capital Partners’ Infrastructure Climate Resilient Fund (ICRF), which represents a significant step towards the development of climate-resilient infrastructure across Africa. Each AFC initiative combines meaningful developmental impact and environmental sustainability with strong risk-adjusted returns, leveraging the corporation’s expertise in de-risking project development to attract capital and accelerate project completion. Despite the challenging global economic and geopolitical environment, AFC has demonstrated resilience and delivered value to stakeholders while creating jobs and prosperity through structural transformation across Africa.
Financially, AFC’s annual profit rose by 15.3% to US$329.7 million, operating income increased by 24.2% to US$497.5 million, and total assets expanded by 17.3% to US$12.34 billion. These figures exceeded the corporation’s five-year strategy target by US$2.3 billion, underscoring its strong financial performance and commitment to unlocking practical solutions that enhance local value capture and promote industrialization across the continent.
The African Research (AR) Index is a comprehensive scholarly directory and database focused explicitly on journal publishers that publish and disseminate African research.
