The Africa Finance Corporation (AFC) prioritises those sectors which simultaneously offer a significant development impact and an attractive profit potential, so as to achieve the best return on investment for shareholders. The Corporation principally funds and develops projects in the power, transportation and logistics, heavy industries, natural resources and telecommunications sectors.
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Project Development has morphed from being a necessary activity within the infrastructure space in Africa, to becoming an asset class over the last decade, with AFC playing a pivotal role.
AFC invests equity or quasi-equity capital in projects or companies operating in its target sectors. AFC deploys capital at the development stage of a project or to fund expansions….
AFC’s Financial Advisory unit advices clients on project financial structuring, debt and equity fundraising and corporate restructuring.
Changing the Narrative on Africa
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Investment Coalition
- AFC closes its inaugural Samurai Bond, the Corporation first Asian currency denominated loan facility, raising US$233 million and JPY 1 billion
- AFC issues US$650 million Eurobond, which enjoys strong over-subscriptions across multiple geographies following roadshow in London, Hong Kong, Singapore, the UAE and United States
- Mauritania and Mauritius become member states of AFC, reflecting the Corporation’s expansion of its investment footprint across Africa
- AFC invests US$174 million in a 44MW hydro-electric power and transmission project in Côte d’Ivoire
- AFC, in its role as Sole Mandated Lead Arranger, successfully closes a EUR577 million debt financing facility for Côte d’Ivoire’s Société Ivoirienne de Raffinage
A Second Decade
- Samalia Zubairu appointed AFC’s 3rd President and CEO
- Ghana becomes sovereign shareholder in AFC
- Africa Reinsurance becomes first multilateral corporation to invest in AFC
- AfDB investment in AFC equity
- Malawi, Togo and Zimbabwe become AFC member states
- AFC secures US$ 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$118 million
Transformation
- 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$109.1 million