Africa Finance Corporation shows strong financial and operational performance for 2017
US$109.2 million for the year in Total Comprehensive Income, US$100.3 million in Net Profit for the Year
- U$4.2 billion Total Assets - 21% year on year growth in balance sheet
- US$1.5 billion Total Equity
- US$142.7 million in Net Interest Income up 21% year-on-year
- US$29.7 million in fees, commissions, dividend and other Income, up 36%
- All time low cost-to-income ratio of 19%
US$1.5 billion liquidity position
Three new member states in 2017 - Kenya, Zambia, Benin, with Malawi joining in 2018 - AFC now has 18 Member States.
- Additional Equity investors- one Sovereign Investor (Ghana) in 2017, with African Reinsurance Corporation becoming the first multilateral institution investor in January 2018.
- Inaugurated two ports built in record time by Gabon Special Economic Zone, an AFC investee company. The mineral and general-purpose port, at Owendo, will enable the diversification of the Gabonese economy.
- Closed the Anergi transaction, a joint venture with Harith General Partners creating a power company with a 1,786MW gross energy generation capacity that will supply reliable energy to up to 30 million people in 5 countries.
- Led an international consortium to invest US$205 million in Bel-Air bauxite mining in Guinea-Conakry, one of the largest foreign investments in the country since the 2014 Ebola crisis.
- Became the first African multilateral finance institution to issue a Sukuk bond - the highest rated by an African supranational entity.
Raised US$500m 7-year Eurobond that was 5 times oversubscribed.
Mr. Andrew Alli, President & CEO, AFC; Mr. Emeka Emuwa, Chairman of General Meeting; Dr. Adesegun Akin-Olugbade, Chief Operating Officer & General Counsel, AFC at the recent 10th Annual General Meeting of Africa Finance Corporation (AFC) held on Friday, April 27, 2018 in Lagos, Nigeria