Our corporate governance
Fast-tracking Africa’s economic development
Africa Finance Corporation is a multilateral development ﬁnancial institution established in 2007 by an agreement amongst sovereign African states with the critical mission of fostering economic growth and industrial development of African countries, while delivering a competitive return on investment to its shareholders. Its vision is to be the leading developer and ﬁnancier of African infrastructure, natural resources and industrial assets
Since its inception in 2007, AFC has been actively involved as an investor, lead developer and ﬁnancier of various strategic infrastructure projects across Africa with a range of tailor-made product oﬀerings including debt, equity and mezzanine instruments within the project ﬁnance, trade and structured ﬁnance and equity investment space. In addition, it oﬀers its valued clients and stakeholders, ﬁnancial advisory, project development and technical advisory services across its ﬁve core focus sectors: power, natural resources (oil, gas and mining), heavy industries, transport and telecommunication infrastructure. In furtherance of its mandate, AFC acts as a catalyst to create and foster conditions conducive to the greater inﬂow of investment funds into the African continent for increased infrastructure development and export-oriented industrialisation. In the fourteen years of its existence, the Corporation has gained recognition as the benchmark institution for ﬁnancing the development of Infrastructure projects in Africa.
As of 31 December 2021, we have invested over US$9.5 billion in infrastructure projects across 35 African countries.
AFC has a wholly owned subsidiary, AFC Equity Investments Limited (“AFC Equity”), established in Mauritius in 2013, as an investment vehicle for the purpose of holding AFC's equity investments. The Board of AFC Equity comprises four foreign directors and three resident directors. The Board of AFC Equity is responsible for promoting the success of the entity by directing and supervising its aﬀairs in accordance with objectives as approved by the sole shareholder and in compliance with applicable laws and regulations in Mauritius.
In executing their mandates, AFC and AFC Equity (collectively, the “Group”) operate within a corporate governance structure developed on high standards and in line with international best practices. The Group's governance culture is pivotal in driving performance and ensuring ethical conduct in all the Group's aﬀairs. Hence it is a key enabler and the foundation of the successes achieved by the Group to date.
Corporate & governance structure of AFC
AFC's corporate structure is comprised of AFC's Member States, shareholders, Board of Directors, board committees, executive management, management committees and AFC staﬀ and employees.
AFC was established by twin constitutive documents: (i). the Agreement for the Establishment of Africa Finance Corporation (the “AFC Establishment Agreement”); and (ii). the Charter of AFC (the “AFC Charter”). The AFC Establishment Agreement is the treaty concluded by and between sovereign states (“Member States”). The AFC Charter is appended to the AFC Establishment Agreement and derives its legal force from the AFC Establishment Agreement. The AFC Charter is operative among the shareholders of the Corporation (“Shareholders”).
The AFC Establishment Agreement and the AFC Charter provide the basis for the corporate governance of the organisation. The AFC Charter provides guidelines for the governance and management of the Corporation and deﬁnes the roles of the shareholders, Board of Directors and executive management.
AFC is headquartered in Lagos, Nigeria, by virtue of a Host Country Agreement with the Federal Republic of Nigeria.
As a multilateral development ﬁnancial institution, AFC enjoys supranational status and is not subject to the domestic legislation of its Member States, but to international law and conventions applicable to similar institutions generally.
AFC is self-regulated and adheres to international best practices in respect of its operations.
AFC's member states
AFC's Member States, by entering into the AFC Establishment Agreement, grant the Corporation the requisite diplomatic immunities, privileges and exemptions to facilitate its operations in their respective territories. These include AFC's immunity from every form of legal action except in respect of the Corporation's operations; the immunity of AFC's property and assets from search, requisition, expropriation, nationalisation and all forms of seizure by executive or legislative action; Member States' agreement, to the extent necessary to implement the purpose of the Corporation, to waive and refrain from imposing any administrative, ﬁnancial or other regulatory restrictions that are likely to hinder in any manner, the smooth functioning of the Corporation or impair its obligations; Member States' agreement to also provide tax exemptions in respect of AFC’s operations in their territories. AFC is conferred with preferred creditor status in its Member States.
- Nigeria*(Host Country)
- Burkina Faso
- Cape Verde
- Côte d’Ivoire
- Congo Brazzaville
- DR Congo
- The Gambia
- Sierra Leone
*Sovereign Shareholders of AFC