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$109.1 million
Leadership
- AFC merges several key power assets with Harith General Partners
- US$ 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$150 million 15-year loan facility from KfW Development Bank
- Launch of Africa Infrastructure Development Association (AfIDA), a think tank and network to promote and enable project development Bank
- Hosted the Powering Africa’s Future Forum in Dubai with Dentons, a leading global law firm
- Djibouti becomes AFC member.
Net income: US$ 115.3 million
Expansion
- AFC total investment now stands 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$70 million
Further Growth & Consolidation
- Revised 5-year plan to become a US$ 5 billion operation by 2016
- Cumulative investment in excess of US$1.2billion
- Total assets of US$ 1.9 billion
- Oversubscribed debut international syndication of US$250 million
- European DA lines of credit of US$125 million
- First investment in Chad, Cameroon, 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$93 million
Growth
- 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$200 million line of credit from AfDB
- Membership: Chad joins. Gambia ratifies
- Parliamentary approval for Cenpower
Net income: US$ 56.3 million
CONSOLIDATION
- US$ 775 million 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$34.7 million
Dividends: US$ 15.0 million
TURN AROUND
- Ratification instruments for Establishment and Headquarters Agreements signed
- AFC appointed Technical Adviser to CBN on power and aviation fund
Net Income: US$10.9 million
ENQUIRY
- 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$28.7 million
CONCEPT & START-UP
- 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
AFC has sought to address the wider infrastructure divide by originating, structuring and executing projects in the African power sector….
The DFI community, including the AFC, continues to play the important facilitation role by becoming more and more involved in projects….
As a continent endowed in natural and mineral resources, Africa has the capacity for sustainable growth in industrial output….
Expanding connectivity and energy efficient equipment are predicted to be the main drivers of investment and deal activity in Sub Saharan Africa….
AFC acts as an adviser and financier to a number of leading sponsors seeking to undertake important transactions in the mining and oil and gas industries and associated infrastructure….