Homepage Timeline


31 Mar: 2021

Operating in a pandemic
  • Niger, Egypt, Burkina Faso, DRC & Morocco becomes member states
  • AFC creates asset management division, AFC Capital and announces its Infrastructure Climate Resilient Fund. Ayaan Zeinab Adam announced as CEO of AFC Capital
  • AFC receives US$100 million loan from India Exim Bank to spur post-Covid recovery
  • Guinea & Togo become shareholders in AFC
  • AFC appoints Kirstine Damkjaer to its board
  • AFC rating raised to stable by Moody’s
  • AFC issues US$750 million 7-year Eurobond at a yield of 2.99%
  • AFC announces Sameh Shenouda as Executive Director & Chief Investment Officer
  • OPEC Fund for International Development provides AFC with US$50 million loan to support post-Covid 19 Africa
  • AFC secures US$250 million capital loan from US Government’s International Development Finance Corporation

31 Mar: 2020

Building for a resilient recovery
  • Republic of Congo Brazzaville becomes member state
  • AFC and BADEA-Arab Bank for Economic Development in Africa collaborate on infrastructure development and trade finance
  • AFC issues its inaugural CHF150 million Green Bond to finance sustainable development in Africa
  • AFC issues US$700 million 5-year Reg S Euro bond
  • AFC appoints Dr. Kingsley Obiora as the new chairman of the board. Soula Proxenos, Henry Oroh & Batchi Baldeh are appointed to the board as non-executive directors
  • AFC commits over N 500 million to Central Bank of Nigeria private sector coalition against Covid-19
  • AFC invests in Djibouti’s first IPP and renewable energy project
  • Gabon Special Economic Zone rebrands as Arise with AFC increasing its shareholding

Net income: US$156.5 million


31 Mar: 2019

  • Danakali – AFC invests US$150 million Danakali’s Eritrean Colluli Potash mine in Eritrea
  • AFC announces joint development agreement with Brahms Oil Refineries Limited on the first refinery in Guinea
  • Eritrea, Mauritius, Madagascar, and Togo become member states
  • AFC continues fundraising expansion into Asia with a US$140 million Kimchi term loan, the Corporation’s first Korean-focused instrument
  • The African Development Bank Group becomes a shareholder in AFC, investing US$50 million
  • AFC closes its inaugural Samurai Bond, the Corporation first Asian-currency denominated loan facility, raising US$ 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
  • AFC invests in flagship projects, including US$174 million in Côte d’Ivoire’s 44MW hydropower station, and EUR577 million Société Ivoirienne de Raffinage as well as increasing its shareholding Arise AP.

Net income: US$164.5 million


28 Feb: 2018

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


27 Feb: 2017

  • 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


26 Feb: 2016

  • 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


25 Feb: 2015

  • 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


24 Feb: 2013 – 2014

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


23 Feb: 2012

  • 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


22 Feb: 2011

  • 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