With investors

AFC is renowned for its entrepreneurial, commercially driven approach to execution and delivery, which we intertwine with local knowledge, global expertise and deep understanding of our markets.

We always take an end-to-end view of projects, seeking to participate through the entire project life cycle from concept design to operations, working with partners to find solutions to market challenges.

We are one of Africa’s unique success stories, well positioned to continue playing a catalytic role in mobilising global capital to help bridge Africa’s critical infrastructure deficits. As such, we consistently seek proactive engagements with private and multilateral institutions to provide finance for transformative infrastructure projects in Africa with high developmental impact.

This clear focus has enabled us to grow stronger year by year to become one of the highest investment-grade rated multilateral financial institution in Africa – with a constant A3/P2 rating since 2015 from Moody’s Investors Service. We have consistently grown our balance sheet, broadened our asset base and expanded our geographic footprint. Since 2007, AFC has mobilised up to US$5.1 billion of funding from global debt markets and deployed over US$11.5 billion in investments to finance projects in 36 African countries.

Shareholder structure

AFC has 37 shareholders with a significant proportion from the private sector. This innovative structure has served our performance historically – with the support of regional and non-regional multilateral institutions, long-term investors, impact investors and academia, all driven to help Africa achieve its full economic potential.



Funding plays a critical role in AFC’s operations, enabling the execution of transformative projects across the continent. Our strategies to seek new and varied sources across the world include:

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Tapping into niche markets to attract new pockets of liquidity

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Diversifying our funding sources through a proactive investor engagement programme

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Leveraging market opportunities to drive down funding costs


Extending maturity profile of debts to fund longer-term assets

Performance track record

Since inception, we have demonstrated consistently high performance in facilitating instrumental infrastructure investment across the continent.



  • DFC Tier-2 capital loan
  • Amount: USD 250 million
  • Tenor: 15 years
  • Use of Proceeds: Enhance investment capacity
  • Signed: 2020



  • 'Kimchi’ Syndicated Term Loan Facility
  • Amount: US$140mm
  • Tenor: 3 years
  • Use of Proceeds: General corporate purpose
  • Signed: 2019


US$233mm and JPY1.0bn

  • Samurai Term Loan Facility
  • Amount: US$233mm & JPY1.0bn
  • Tenor: 3 years
  • Use of Proceeds: General corporate purposes
  • Signed: 2019



  • Syndicated Term Loan Facility
  • Amount: US$250mm
  • Tenor: 3 years
  • Use of Proceeds: Enhance investment capacity
  • Signed: 2019



  • Syndicated Term Loan Facility
  • Amount: US$200mm
  • Tenor: 3 years
  • Use of Proceeds: Enhancement of investment capacity
  • Signed: 2017



  • Syndicated Term Loan Facility
  • Amount: US$190mm
  • Tenor: 2 years
  • Use of Proceeds: Enhancement of investment capacity
  • Signed: 2016

September 2020


  • 1.205% Fixed Rate Notes due 2025
  • Size: CHF150mm
  • Coupon: 1.205% s.a.
  • Maturity: 30-Sep-25
  • Pricing Date: 21-Sep-20
  • Reoffer Yield: 1.205%
  • Issue format: Reg S only

January 2020


  • 3.125% Fixed Rate Notes due 2025
  • Size: US$700mm
  • Coupon: 3.125% s.a.
  • Maturity: 16-Jun-25
  • Pricing Date: 12-Jun-20
  • Reoffer Price / Yield: 99.427%/ 3.25%
  • Issue format: Reg S only

November 2019


  • 0.5225% Fixed Rate Notes due 2023
  • Size: CHF200mm
  • Coupon: 0.5225% p.a
  • Maturity: 20-Dec-23
  • Pricing Date: 19-Nov-19
  • Reoffer Price / Yield: 100% / 0.5225%
  • Issue format: Reg S only

October 2019


  • 3.75% Fixed Rate Notes due 2029
  • Size: US$500mm
  • Coupon: 3.75% s.a.
  • Maturity: 30-Oct-29
  • Pricing Date: 23-Oct-19
  • Reoffer Price / Yield: 98.808%/ 3.895%
  • Issue format: Reg S only

April 2019


  • 4.375% Fixed Rate Notes due 2026
  • Size: US$650mm
  • Coupon: 4.375% p.a.
  • Maturity: 17-Apr-26
  • Pricing Date: 10-Apr-19
  • Reoffer Price / Yield: 99.257% / 4.500%
  • Issue format: 144A/Reg S

April 2017


  • 3.875% Fixed Rate Notes due 2024
  • Size: US$500mm
  • Coupon: 3.875% p.a.
  • Maturity: 13-Apr-24
  • Pricing Date: 06-Apr-17
  • Reoffer Price / Yield: 99.243% / 4.000%
  • Issue format: 144A/Reg S

January 2017


  • 6m$L+200bps Private, Reg S Notes due 2020
  • Size: US$150mm
  • Coupon: n.a.
  • Maturity: 24-Jan-20
  • Pricing Date: 24-Jan-17
  • Reoffer Price / Yield: 100% / 6m$L+200bps (s.a.)
  • Issue format: Private, Reg S
10794 AFC WEBSITE Head Shots WEBSITE 380x500px 0003 Modupe Famakinwa

Modupe Famakinwa, Head Corporate Funding

Modupe Famakinwa joined Africa Finance Corporation in December 2014. She manages the corporation’s annual funding programme, overseeing a $7billion debt portfolio, and is responsible for Investor relations, managing an extensive investor and lender database with over 1200 global institutional investors and lenders.


AFC maintains an active presence in the bond and loan capital markets across currencies and structures


The following section provides an all-in-one repository for our regular reports, investor presentations and factsheets.

Loan, Bonds


Coming soon!