By Adedapo Adesanya

Africa Finance Corporation (AFC), the continent’s top infrastructure solutions provider, has announced its strongest financial performance to date, with total revenue for the year ended December 31, 2024 surpassing $ 1 billion for the first time in its history.

This record performance marks a significant milestone in AFC’s mission to close Africa’s infrastructure gap through scalable, de-risked investments that attract global capital and deliver tangible development outcomes.

The corporation posted a 22.8 per cent increase in total revenue to US$1.1 billion and a 22.3 per cent rise in total comprehensive income to $400 million, up from $327 million in 2023.

AFC’s earnings growth was driven by improved asset yields, prudent cost-of-funds management and sustained traction in advisory mandates.

Further significant financial highlights include net interest income up 42.5 per cent to $ 613.6 million; fee and commission income rose to $109 million, the highest in over five years; operating income climbed 42.7 per cent to $709.7 million; total assets reached a record $14.4 billion, a 16.7 per cent year-on-year increase; liquidity coverage ratio strengthened to 194 per cent, providing over 34 months of cover; and cost-to-income ratio improved to 17.3 per cent from 19.6 per cent in 2023.

According to a statement, AFC said throughout 2024 it continued to scale its impact by mobilising capital for landmark projects across energy, transport, and natural resources.

These included the Lobito Corridor – a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC led the initiative to secure a concession agreement within one year of the initial Memorandum of Understanding (MoU), an unprecedented achievement for a project of its scale. In the DRC, AFC also invested $150 million in the Kamoa-Kakula Copper Complex, Africa’s largest copper producer and one of the most sustainable globally, thanks to its high-grade ore and renewable-powered smelter.

Other milestones transactions included financing support for the commissioning of the Dangote Refinery, the largest in Africa, and continued progress on AFC-backed Infinity Power Holding’s 10 GW clean energy ambition, with power purchase agreements secured in Egypt and South Africa.

AFC also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1 million to support early-stage development of a transcontinental renewable energy pipeline between North Africa and Europe.

AFC strengthened its capital base and expanded its investor network through several landmark funding initiatives. These included a $ 1.16 billion syndicated loan – the largest in its history, a $500 million perpetual hybrid bond issue, and the successful execution of Nigeria’s first-ever domestic dollar bond, which raised $900 million at 180 per cent oversubscription.

AFC also returned to the Islamic finance market after eight years, closing a $400 million Shariah-compliant facility.

The year also saw strong momentum in equity mobilisation, with $181.8 million in new capital raised from ten institutional investors. These included Turk Eximbank – AFC’s first non-African sovereign shareholder – the Arab Bank for Economic Development in Africa (BADEA), and several major pension funds spanning Cameroon, Seychelles, Mauritius, and South Africa. Ratings agencies affirmed AFC’s robust credit profile, with AAA ratings from S&P Global (China) and China Chengxin International, and a stable A3 Outlook from Moody’s.

Speaking on the result, Ms Samaila Zubairu, President & CEO of AFC said, “These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors.”

“In 2024, we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience—demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa’s economic transformation,” she added.

By Modupe Gbadeyanka

The Financial Inclusion Vehicle (FIVE) of AfricInvest has received the injection of €26 million from Swedfund to boost access to financial services in Africa.

About a fifth of the African population has access to formal banking services. Limited access to finance restricts entrepreneurship, job creation, and the ability to absorb economic shocks.

Swedfund’s investment addresses this gap by supporting financial institutions that are expanding outreach and developing inclusive financial products, especially through new technology and digital solutions, particularly with AfricInvest’s FIVE, a platform designed to support financial institutions across Africa.

The investment aims to increase access to financial services for underserved individuals and small businesses, with a focus on digital innovation, economic empowerment and inclusion.

Through FIVE, Swedfund will strengthen the capital base of select financial institutions across Africa, enabling them to grow and reach more clients.

The investment also supports FIVE’s commitment to gender equality and women’s empowerment, creating positive change within its portfolio companies and communities.

By investing in a mix of traditional and digital-first financial service providers, including banks, insurers, and fintechs, Swedfund aims to catalyse more inclusive financial ecosystems, driving job creation and economic growth across the continent.

A Senior Investment Manager at Swedfund, Mr Jakob Larsson, while commenting on the fresh injection, said, “Our investment in FIVE further strengthens our engagement to improve access to banking and other financial services in underserved communities.

“This in turn spurs job creation and growth. We are also able to strengthen financial institutions and the development of innovative financial services.”

By Kestér Kenn Klomegâh

Moscow is increasingly becoming popular among foreigners due to multiple reasons among them is its fashionable architecture and friendly people. Moscow’s architecture is world-renowned. In addition, Moscow’s status as the spiritual center of Russian orthodoxy and metropolitan buildings attract tourists from around the world. For much of its architectural history, Moscow is dominated by Orthodox churches.

Situated on the banks of the popular Moskva river, cultural parks and recreational centers offer an additional attraction especially during spring, summer and autumn seasons. The city has a population estimated at over 13 million. And public transport system is excellent for easy and fast connection to any part of the city. Today, the Moscow Metro comprises twelve lines, mostly underground with a total of 203 stations.

Moscow mayor Sergei Sobyanin shares in an interview with local Russian media that Moscow is becoming the world’s best megacity. But for South African Fashion entrepreneur, Stephen Manzini, Moscow’s contrasting features make it more fashionable to explore for fun and entertainment. Read Stephen Manzini’s impressions here:

Would you describe Moscow as a ‘fashionable’ city, if fashion is not limited to clothes and bags?

Moscow can be described as a fashionable city if it wasn’t for the weather. We would see beautiful display of runway pieces on the streets, however we do see this in indoor spaces it’s just overshadowed outdoors by the winter coats and jackets. Walking about Moscow does give you a European fashion appeal.

But Moscow as a fashionable city, do you think it is inaccessible from consumers, from tourists?

Moscow the fashionable city can be accessible to consumers. However when it comes to tourists, it’s a bit inaccessible as it takes on-site education to understand the dynamics. It cannot be understood from a distance due to the neo-propaganda that overshadows it.

Do you mean to conclude that cities such Venice, Miami, New York and London are more fashionable and attract more customers, tourists than Moscow?

Moscow’s tourism industry is barely in existence. To no fault of it’s own. Unfortunately, global online search engines are very unkind in referring to it as an undesirable tourist destination.

How then would you suggest rebranding Moscow?

The rebranding of Moscow would have to be intentional and would not happen overnight. It will have to start at a political level and then cascade it’s way to media and tourism.