Record Funding for African Infrastructure Development
Africa Finance Corporation (AFC), a leading infrastructure solutions provider on the continent, has successfully raised $524 million equivalent in a dual-currency Samurai term loan facility. This significant funding will bolster AFC's mission to drive sustainable development through critical infrastructure investments across Africa.
This transaction represents AFC's largest Samurai loan to date and highlights the corporation's increasing presence in Japan's capital markets. The strong investor confidence in AFC's credit fundamentals was evident in the oversubscribed syndicated facility, which spans three years and comprises $505 million and JPY 3 billion.
Banji Fehintola, Executive Board Member and Head of Financial Services at AFC, emphasized Japan's strategic importance to the corporation. "Japan continues to be an important and strategic market for AFC," Fehintola stated. "The strong support from Japanese lenders in our latest Samurai loan underscores the depth of confidence in AFC and the trust we have built with investors over the past few years. This successful transaction strengthens our funding base and expands our global investor reach as we continue mobilising capital to address the infrastructure deficit in Africa."
AFC's success in Japan has been marked by several key milestones. These include its debut Samurai loan in 2019, its guarantee of the Arab Republic of Egypt’s JPY75 billion Samurai Bond in 2023, and an A+ (Stable) long-term issuer credit rating awarded by the Japan Credit Rating Agency (JCR) earlier this year. Notably, AFC fully repaid its 2022 Samurai facility of $419 million equivalent, which comprised $412 million and JPY 1 billion, and matured in October 2025.
AFC's Expansive Investment Footprint Across Africa
Since its establishment in 2007, Africa Finance Corporation (AFC) has substantially expanded its influence and investment reach across Africa. The corporation strategically deploys capital into high-impact infrastructure projects, aiming to penetrate new markets by financing catalytic, revenue-generating initiatives that foster regional integration and industrialization.
AFC has steadily grown its sovereign membership to 47 African countries, reflecting a broad geographical spread across the continent. Recent additions to its membership include Benin, Botswana, the Democratic Republic of Congo (DRC), and Somalia. This continuous accession of new member nations grants the Corporation diplomatic privileges and enhances its on-the-ground engagement in these vital economies.
Key Infrastructure Investments by Country
In Ghana, between 2014 and 2015, AFC played a lead role as developer and investor in the $900 million Kpone Independent Power Project (Kpone IPP). This initiative established a major 350MW gas turbine and substation, significantly enhancing the country's power infrastructure.
AFC's involvement in Côte d'Ivoire dates back to the early 2010s, with investments in both transport and power sectors. Notable projects include financing the Henri Konan Bedie Bridge in Abidjan and later supporting the construction of the 44MW Singrobo Hydro Power Plant.
In Nigeria, AFC's home base, the corporation deployed a substantial $170 million loan around 2013 towards the acquisition and operation of the 1,338 MW Kainji Hydroelectric power plant. This was part of foundational investments in the oil & gas and telecoms sectors. Additionally, AFC committed over N500 million to the Central Bank of Nigeria’s private sector coalition established to combat COVID-19.
The corporation's reach extends to smaller economies such as Benin and Togo. Here, AFC is a principal financier for the development of Special Economic Zones and ports, collaborating with ARISE IIP to boost industrial exports.
Moving eastward, AFC has concentrated on sustainable power projects. In Djibouti, during the 2020s, AFC became the lead developer for the 60MW Djibouti Wind Project, supporting the nation's objective of achieving 100% renewable energy generation.
In Rwanda, the corporation invested in the 80MW Hakan-Quantum Peat Power Plant, contributing to the diversification of the national energy mix. To enhance regional connectivity, AFC has provided financing for the Ethiopian Airlines expansion in Ethiopia and has invested in upgrading Kenya's power transmission and distribution network through KPLC infrastructure expansion.
AFC's expansion into Southern Africa includes investments in the natural resources and transport sectors. In Botswana, AFC provided a $44 million senior debt investment in Lucara Botswana Ltd for the expansion of the Karowe Diamond Mine, a crucial resource project. In South Africa, the Corporation invested in vital transport infrastructure, such as the Bakwena Toll Road, thereby improving logistical efficiency.
The Democratic Republic of Congo (DRC) also benefits from AFC's strategic investments in its resource sector, with a $40 million investment for the construction of the Etoile Copper and Cobalt mine.
The Corporation's cumulative investment and disbursement volumes have seen significant growth. Since its inception, AFC has invested over $17 billion in infrastructure projects across 36 African countries.