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Mikhail Bogdanov’s Passion for Africa and the Critical Russia’s Policy Debates

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Mikhail Bogdanov

By Kestér Kenn Klomegâh

Russian Presidential Special Representative for the Middle East and Africa, Mikhail Bogdanov, in an April interview with Interfax news agency, offered an insight into aspects of Russia’s policy objectives, initiatives and future prospects in Africa.

He highlighted a few obstacles to the Russian government’s inability in realizing its set goals and tasks during the past several years. But what is spectacularly interesting in the interview text concerns Soviet and Russian education for Africans.

Bogdanov authoritatively told the interviewer, Ksenia Baygarova, that Africa has always been an important region from the point of view of the foreign policy of the Russian Federation.

“This cooperation is very multi-dimensional. For instance, how many Africans have studied at our universities? Back at the end of the 1950s-1960s, the Soviet Union played the most important historical role for African peoples in getting their statehood and independence during their fight against colonial rule. Of course, these historical ties give a solid basis for cordial relationships. Many generations of politicians and diplomats have changed but it is good that continuity and solidarity between our country and Africa have been upheld,” he narrated about the past historical records.

Understandably, now is the time for creating the foundation for the restoration of Russia-African ties after a certain pause which was mainly linked to domestic problems in the country. After the collapse of the Soviet Union, other problems emerged and they pushed cooperation with Africa into the background. “Some of our embassies in African countries were closed. Regrettably, much has been lost over this period, and as they say, nature abhors a vacuum. Others, western countries, China, Turkey, and India, filled the vacuum that emerged after our ‘retreat’ from Africa,” he convincingly explained.

Monitoring, researching and analyzing the post-Soviet developments in Africa with information resources on official Russia’s Ministry of Foreign Affairs website indicated that during the past years, there have been several top-level bilateral meetings. The overwhelming truth is that some of the information pointed to the signing of MoUs and bilateral agreements, at least during the past decade. In November 2021, a policy document titled the ‘Situation Analytical Report’ presented at the premises of TASS News Agency was very critical of Russia’s current policy towards Africa.

While the number of high-level meetings has increased, the share of substantive issues on the agenda remains small. There are few definitive results from such meetings. Apart from the absence of a public strategy for the continent, at the same time, there is a lack of coordination among various state and para-state institutions working with Africa. Many bilateral agreements, at the top and high political levels, have still not been implemented. A lot more important issues have received little attention since the first African leaders’ summit held in Sochi.

In addition to the above, our monitoring and research show Russia grossly lacks public outreach policies that could help form good perception and build an image, especially among the youth and the middle class that form the bulk of Africa’s 1.3 billion population.

Researchers have been making tangible contributions to the development of African studies in Russia. The Moscow-based Africa Studies Institute has a huge pack of research materials useful for designing an African agenda. In an interview, Professor Vladimir Shubin at the Institute for African Studies under the Russian Academy of Sciences reiterated that Russia is not doing enough to communicate to the broad sectors of the public, particularly in Africa, true information about its domestic and foreign policies as well as the accomplishments of Russia’s economy, science and technology to form a positive perception of Russia within the context of the current global changes of the 21st century.

Under the geopolitical changes and circumstances, Russia would have to open up more especially working with strategically chosen social groups and business associations in Africa. China has such a strategy and resultantly has excellent footprints. While Deputy Minister Mikhail Bogdanov still talking about the 1950s-1960s, and about the past Soviet Union education, China’s current focus is on different forms of education, ranging from short-term, requalification courses and academic fellowships to the regular intake of African students.

With far-sightedness and long-term strategy, Beijing is very desirous to win the hearts and minds of Africa’s future leaders and influencers by offering them educational opportunities in China. It is investing and exercising soft power in the education sector, and it is reported that China provided 12,000 scholarships to African students in 2021, despite the fact that it was during the Covid-19 pandemic period.

Besides that, China has been training African civil servants and runs the Confucius Institute in some 20 African countries. It has recently opened the first Party School and admitted the first batch of 120 participants from African ruling parties who are attending the workshop at the US$40 million facility in Tanzania funded by the Chinese Communist Party. There is now a total of 81,562 African students this 2022/23 academic year in China, according to the Chinese Ministry of Education.

The data from the UNESCO Institute for Statistics shows that Asian countries have become the second most popular destination for African students studying abroad with China being number one followed by the likes of India, Japan, Korea, and Israel, among others. Judging from our monitoring and research, India has also taken steps aimed at building a more practical partnership in a number of spheres in the continent. New Delhi has a new set of opportunities in human resources development, information technology and education.

While Indian companies rely more on African talent, they do capacity building for the local population. The Indian diaspora plays its own bridging role between India and Africa. As the world focuses on Africa’s fast-growing economies, India offers many academic fellowships and internship opportunities for young Africans, it has the traditional annual training programmes in various universities and institutes in India.

The United States and European countries are investing in the youth. These European and Western countries, which Russians often criticized, train thousands yearly, ranging from short-term courses to long-term academic disciplines. During the days of Barak Obama, the White House created the Young African Leaders Initiative (YALI). It brings 500 Africans to the White House in Washington and this YALI still runs various academic and training programmes for Africans. Before Covid-19, The Times Higher Education index indicated that approximately 43,000 Africans enrolled on American universities. There are many African universities and institutes with joint agreements running programs, including fellowships, together with Westerners and Europeans. That is compared to Russia’s annual scholarship of about 1,800.

The European Union (EU) has been focusing on the African youth. It embraces them with different kinds of training, fellowship programmes et cetera under its flagship policy on education. Many African countries have enormously benefited from educational initiatives during the past years. For instance, in August 2022, it offered postgraduate scholarships to over 200 young Nigerians in top European universities for the academic year. And if considering the whole of Africa, this is just the tip of the iceberg. The EU shows a consistent commitment to ramping up programmes and activities targeting vibrant young people from Africa.

France is a member of the European Union. France’s Ministry of Foreign Affairs together with the Ministry of Education is collaborating with French-speaking African countries to offer intensive orientation and educational training for 10,000 French teachers in Africa. The five-year training programme aims at strengthening France’s soft power.

Besides training French teachers, it has regular students intake from Africa. France, like any other foreign player, has been looking for effective ways of improving its public diplomacy, especially in French-speaking African countries.

From the Arab world and Gulf region, Turkey has been making inroads these years into Africa. It has shifted direction and now pursues a more diversified, multidimensional foreign policy since the end of the Cold War. Turkey was accorded observer status by the African Union. In a reciprocal move, the AU declared Turkey its strategic partner in 2008, and since then relations between Africa and Turkey are still gaining momentum. It trains more and more agricultural specialists for Africa.

In 2009, there were only 12 Turkish embassies in African countries, with five of them in North Africa. Now, there are 43. With tourism promotion at the hotspot, Turkish Airlines has flights to 60 different destinations in 39 countries on the continent while the Turkish International Cooperation and Development Agency (TIKA) has nearly 30 coordination centres throughout Africa.

Arguably, the Presidential Special Representative for the Middle East and Africa, Mikhail Bogdanov, most probably understands all these when he admittedly said in his Interfax interview that other foreign players are active and operating in Africa. Statistics on African students are, in fact, still staggering. Russia’s Ministry of Science and Higher Education, citing confidentiality, declined to give the current figure for Africa.

For the coming years, Russia needs a model template of social policy for Africa. With the emerging new world order which invariably incorporates in its fold education and cultural influence – the importance of soft power – for making alliances and inroads, networking and collaborating with institutions, in Africa. In a transcript posted to the State Duma’s official website, during the inter-parliamentary conference, Chairman of the State Duma, Viacheslav Volodin, was convinced that cultural and educational cooperation could be equally important areas needed to be developed and intensified in Russia-African relations.

Professor Vladimir Filippov, former Rector of the Russian University of People’s Friendship (RUDN), popularly referred to as Patrice Lumumba Friendship University, has underscored the fact that social attitudes toward foreigners first have to change positively, the need to create a multicultural learning environment, then the need to expand educational and scientific ties between Russia and Africa.

Established in 1960 to provide higher education to Third World students, it later became an integral part of the Soviet cultural offensive in non-aligned countries. His university has gained international popularity as an educational institution located in southwest Moscow.

“The present and the future of Russia-Africa relations is not about charity, it’s about co-development,” stated Evgeny Primakov, Head of the Russian Federal Agency for International Humanitarian Cooperation (Rossotrudnichestvo) and also a member of the Secretariat of the Russia-Africa Partnership Forum.

The Secretariat of the Russia-Africa Partnership Forum works under the Russian Foreign Ministry. It has, under its aegis, three coordination councils namely business, public and scientific councils. Primakov heads the humanitarian council that deals with education and humanitarian questions for the Foreign Ministry. While talking about initiatives especially in the sphere of education within the framework of the relationship between Russia and Africa, Primakov explicitly underlined the changing state of affairs in education and added that the number of Russian state scholarships for African citizens – for the whole continent made up of 54 African countries – has only increased from 1765 in 2019 to 1843 in 2020.

Primarily due to the coronavirus outbreak, Russian universities since then potential students have had difficulties with transportation, safety, and financing scholarships allocated through the budget. The Russian system of higher education needs to be adapted to the new realities so that it could gain more value on the international market, especially for Africa’s middle class whose kids could study on contracts in the Russian Federation. This is strictly not humanitarian aid as perceived by Mikhail Bogdanov and Evgeny Primakov.

Similarly at the Valdai Discussion Club, academic researchers from the Institute for African Studies and policy observers held discussions on current Russia’s policy, emerging opportunities and possibilities for partnerships in Africa. Quite interestingly, the majority of them acknowledged the need for Russia to be more prominent as it should be and work more consistently to achieve its strategic goals on the continent.

The Valdai Discussion Club was established in 2004 with the primary goal to promote dialogue between Russia and the rest of the world. It hosted an expert discussion themed “Russia’s Return to Africa: Interests, Challenges, Prospects” to brainstorm views on Africa. Officials from the Ministry of Foreign Affairs, Africa Department were present and noted that there have been developments in relations with Africa.

Russia claims to have substantial influence in the education sphere. It consistently claims to have trained thousands and thousands of Africans from the 1950s and 1960s as emphatically explained by Deputy Minister Bogdanov. But why currently are the African youth and the middle class, African NGOs and civil society, so remote in Russia’s policy towards Africa? Cultural issues are catastrophic, indeed! There is nothing African, except African diplomatic offices in the Russian Federation. Who runs public outreach programmes that could change perceptions in Africa?

With the youth’s education, experts are still critical. Gordey Yastrebov, a Postdoctoral Researcher and Lecturer at the Institute for Sociology and Social Psychology at the University of Cologne (Germany), argues in an email interview discussion that “education can be a tool for geopolitical influence in general, and for changing perceptions specifically, and Russia (just like any other country) could use it for that same purpose. However, Russia isn’t doing anything substantial on this front, at least there is no consistent effort with obvious outcomes that would make me think so. There are no large-scale investment programmes in education focusing on this.”

He explains that Russian education can become appealing these days, but given that Russia can no longer boast any significant scientific and technological achievements. Western educational and scientific paradigm embraces cooperation and critical independent thinking, whereas this is not the case with the Russian paradigm, which is becoming more isolationist and authoritarian. Obviously, by now, Africa should look up to more successful examples elsewhere, perhaps in the United States and Europe.

In an interview with Professor Natalia Vlasova, Deputy Rector at the Department of International Relations and Cooperation of the Ural State University of Economics (USUE) in Yekaterinburg, explained that many African countries are developing rapidly, and the African elites and the growing middle-class are great potentials for sponsoring their children’s education abroad. She explained the necessity to develop bilateral ties not only in the economic sphere but also in education and culture and to promote the exchange of people and ideas in the social sphere.

“We must use the full potential interest and mutual sympathy between the peoples of Russia and Africa, a great desire of Russians and Africans to visit each other to make friends, establish new connections. It will be of high appreciation to African countries when Russian authorities create a social platform towards strengthening Russian-African relations,” suggested Vlasova.

According to her, Russia could still offer credible alternative programmes bringing together Russians and Africans. She finally concluded: “In times of Soviet Union, African countries were strategic partners, and now we should reactivate these relations because in the nearest future they will have big economic and political power. This could, indeed, be a huge market and has a potential basis for future diversified business.”

Nevertheless, experts from the Moscow-based Center for Strategic Research acknowledged in an interview with this author that the percentage of Russian universities on the world market is considerably low. Due to this, there is a rare need to develop Russian education export opportunities, and take progressive measures to raise interest in Russian education among foreigners. This would raise the collaboration between Russia and Africa to a qualitatively new level and ultimately contribute to the economies and prosperity of both Africa and Russia.

As part of the renewed interest in Africa, Sergey Lavrov and Mikhail Bogdanov at the Ministry of Foreign Affairs, and top officials at the Ministry of Higher Education and related agencies have to work more on opportunities and diverse ways to increase the number of students, especially tuition paying agreements for children of the growing elite families and middle-class from African countries. It has to review its cultural component in its current foreign policy, undoubtedly, be directed at strengthening relations. It is certainly true that western and European systems classically appeal more to Africans. If Russia’s ultimate interest is to lead a fairer and more stable global system, then it is necessary to share these interests through the educational sphere in sub-Saharan Africa.

Rossiyskaya Gazeta, a widely circulated Russian daily newspaper, in the article also reported that Russia has to focus on the young population from developing countries of Asia, Africa and Latin America. It has to target the elite and middle class in these markets for the export of education which has great potential. The Gazeta concluded that Africa’s fast-growing population is a huge potential market for knowledge transfer and export education.

Beyond all these trends in the Russia-African relations discussed above, it is necessary here to recall that President Vladimir Putin particularly noted the good dynamics of specialist training and education in Russian educational institutions for African countries. Putin, however, suggested to Russian and African participants map out broad initiatives in the sphere of education and culture during the first summit in Sochi. For the joint work, there was a final joint declaration, adopted at the end of the summit. The document outlines a set of goals and objectives for further development of Russia-African cooperation.

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Trump’s Tariffs, Russia and Africa Trade Cooperation in Emerging Multipolar World

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Trump's Tariffs

By Kestér Kenn Klomegâh

With geopolitical situation heightening, trade wars are also becoming increasingly prominent. The 47th United States President Donald Trump has introduced trade tariffs, splashed it over the world. China, an Asian trade giant and an emerging economic superpower, has its highest shared.

South Africa, struggling with its fragile foreign alliances, is seriously navigating the new United States economic policy and trade measures, at least to maintain its membership in the African Growth and Opportunities Act (AGOA) which is going to expire in September 2025.

It is a well-known fact that AGOA waived duties on most commodities from Africa in order to boost trade in American market. The AGOA also offers many African countries trade preferences in the American market, earning huge revenues for their budgets. Financial remittances back to Africa also play mighty roles across the continent from the United States.

That however, the shifting geopolitical situation combined with Trump’s new trade policies and Russia’s rising interest in Africa, the overarching message for African leaders and business corporate executives is to review the level of degree how to appreciably approach and strengthen trade partnership between Africa and Russia.

The notion of a new global order and frequently phrased multipolar world, indicating the construction of a fairer architecture of interaction, in practical terms, has become like a relic and just as a monumental pillar. Even as we watch the full-blown recalibration of power, the geopolitical reshuffling undoubtedly creates the conditions for new forms of cooperation.

In this current era of contradictions and complexities we are witnessing today, we must rather reshape and redefine rules and regulations to facilitate bilateral and multilateral relations between African countries and Russia, if really Russia seeks to forge post-Soviet strategic economic cooperation with Africa.

In fact, post-Soviet in the sense that trade is not concentrate on state-to-state but also private – including, at least, medium scale businesses. The new policy dealing with realities of the geopolitical world, distinctively different from Soviet-era slogans and rhetorics of ‘international friendship and solidarity’ of those days.

Bridging Africa and Russia, at least in the literal sense of the word, necessitates partial departure from theoretical approach to implementing several bilateral and multilateral decisions, better still agreements reached at previous summits and conferences during the past decade.

Understandably Africa has a stage, Russia termed ‘the struggle against neo-colonial tendencies’ and mounting the metal walls against the ‘scrambling of resources’ across Africa. Some experts argued that Africa, at the current stage, has to develop its regions, modernize most the post-independence-era industries to produce exportable goods, not only for domestic consumption. Now the emphasis is on pushing for prospects of a single continental market, the African Continental Free Trade Agreement (AfCFTA).

This initiative, however, must be strategically and well-coordinated well, and here I suggest integration and cooperation starting at country-wide basis to regional level before it broadly goes to the entire continent, consisting 54 independent states.

These are coordinated together as African Union (AU), which in January 2021 initiated the African Continental Free Trade Agreement (AfCFTA). With this trading goals in mind, Africa as a continent has to integrate, promote trade and economic cooperation, engage in investment and development. In that direction, genuine foreign partners are indiscriminately required, foreign investment capital in essential for collaboration as well as their entrepreneurial skills and technical expertise.

For instance, developing relations with Asian giants such China and India, the European Union and the United States. A number of African countries are shifting to the BRICS orbit, in search for feasible alternative opportunities, for the theatrical trade drama. In the Eurasian region and the former Soviet space, Kazakhstan and Russia stand out, as potential partners, for Africa.

Foreign Affairs Minister Sergey Lavrov has said, at the podium before the staff and students at Moscow State Institute of International Affairs in September, that trade between Russia and Africa would grow further as more and more African partners continued to show interest in having Russians in the economic sectors in Africa. This provides greater competition between the companies from Western countries, China, and Russia. With competition for developing mineral resources in Africa, it is easier and cheaper for African colleagues to choose partners.

As far back in October 2010, Russian Foreign Affairs Ministry posted an official report on its website that traditional products from least developed countries (including Africa) would be exempted from import tariffs. The legislation stipulated that the traditional goods are eligible for preferential customs and tariffs treatment.

Thereafter, Minister Sergey Lavrov has reiterated, in speeches, trade preferences for African exporters, but terribly failed to honour these thunderous promises. Notwithstanding the above granting trade preferences, there prevailing multitude of questions relating to the pathways of improving trade transactions, and removing obstacles including those Soviet-era rules and regulations.

Logistics is another torny hurdle. Further to this, Russian financial institutions can offer credit support that will allow to localize Russian production in Africa’s industrial zones, especially southern and eastern African regions that show some stability and have good investment and business incentives.

In order to operate more effectively, Russians have to risk by investing, recognize the importance of cooperation on key investment issues and to work closely on the challenges and opportunities on the continent. On one hand, analyzing the present landscape of Africa, Russia can export its technology and compete on equal terms with China, India and other prominent players. On the other hand, Russia lacks the competitive advantage in terms of finished industrial (manufactured) products that African consumers obtain from Asian countries such as China, India, Japan and South Korea.

Compared to the United States and Europe, Russia did very little after the Cold War and it is doing little even today in Africa. On 27th–28th July 2023, St Petersburg hosted the second Russia-Africa summit. At the plenary session, President Vladimir Putin underscored the fact that there was, prior to the collapse of the Soviet, there were over 330 large infrastructure and industrial facilities in Africa, but most were lost. Regarding trade, Putin, regrettably, noted Russia’s trade turnover with the African countries increased in 2022 and reached almost US$18 billion, (of course, that was 2022).

Arguably, Russia’s economic presence is invisible across Africa. It currently has insignificant trade statistics. Until the end of the first quarter of 2025, Russia still has a little over $20 billion trade volume with Africa. Statistics on Africa’s trade with foreign countries vary largely.

For example, the total United States two-way trade in Africa has actually fallen off in recent years, to about $60 billion, far eclipsed by the European Union with over $240 billion, and China more than $280 billion, according to a website post by the Brookings Institution.

According to the African Development Bank, Africa’s economy is growing faster than those of any other regions. Nearly half of Africa is now classified as middle income countries, the numbers of Africans living below the poverty line fell to 39 percent as compared to 51 percent in 2023, and around 380 million of Africa’s 1.4 billion people are now earning good incomes – rising consumerism – that makes trade profitable.

Nevertheless, there is great potential, as African leaders and entrepreneurial community are turing to Russia for multifaceted cooperation due to the imperialist approach of the United States and its hegemonic stand triggered over the years, and now with Trump new trade tariffs and Washington’s entire African policy.

China has done its part, Russia has to change and adopt new rules and regulations, pragmatic approach devoid of mere frequent rhetorics. It is important discussing these points, and to shamelessly repeat that both Russia and Africa have to make consistent efforts to look for new ways, practical efforts at removing existing obstacles that have impeded trade over the years.

Sprawling from the Baltic Sea to the Pacific Ocean, Russia is a major great power and has the potential to become a superpower. Russia can regain part of its Soviet-era economic power and political influence in present-day Africa.

Certainly, the expected superpower status has to be attained by practical multifaceted sustainable development and by maintaining an appreciably positive relations with Africa. We have come a long way, especially after the resonating first summit (2019 and high-praised second summit (2023), several bilateral agreements are yet to be implemented. The forthcoming Russia – Africa Partnership summit is slated for 2026, inside Africa and preferably in Addis Ababa, Ethiopia.

Kestér Kenn Klomegâh is a frequent and passionate contributor. During his professional career as a researcher specialising in Russia-Africa policy, which spans nearly two decades, he has been detained and questioned several times by Russian federal security services for reporting facts. Most of his well-resourced articles are reprinted in a number of reputable foreign media.

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Tariff War Threatens Global Economy, US-China Goods Trade By 80%—WTO DG

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Okonjo-Iweala

By Adedapo Adesanya

The Director General of the World Trade Organization (WTO), Mrs Ngozi Okonjo-Iweala, has said the US-China tariff war could reduce trade in goods between the two economic giants by 80 per cent and hurt the rest of the world economy.

President Donald Trump raised tariffs on China to 125 per cent on Wednesday as the world’s two largest economies fought over retaliatory levies.

The American President earlier ramped up duties on Chinese goods to 104 per cent, only to hike them further when China retaliated by raising tariffs on US imports to 84 per cent.

In a social media post announcing the moves, President Trump said China had been singled out for special treatment because of “the lack of respect that China has shown to the world’s markets.”

In her reaction to the development, the WTO DG said in a statement that, “The escalating trade tensions between the United States and China pose a significant risk of a sharp contraction in bilateral trade. Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80 per cent.”

She said the United States and China account for three per cent of world trade and warned that the conflict could “severely damage the global economic outlook”.

Even as he slapped further tariffs on China, Mr Trump paused higher tariffs on the rest of the world for 90 days, claiming that dozens of countries reached out for negotiations.

Mrs Okonjo-Iweala warned that the world economy risked breaking into two blocs, one centred around the United States and the other China.

“Of particular concern is the potential fragmentation of global trade along geopolitical lines. A division of the global economy into two blocs could lead to a long-term reduction in global real GDP by nearly seven percent,” she said.

She urged all WTO members “to address this challenge through cooperation and dialogue.”

“It is critical for the global community to work together to preserve the openness of the international trading system.”

“WTO members have agency to protect the open, rules-based trading system. The WTO serves as a vital platform for dialogue. Resolving these issues within a cooperative framework is essential,” she added.

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AFC Tops $1bn Revenue in 2024 Financial Year

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Africa Finance Corporation

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.

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