S&P Global Ratings has assigned Africa Finance Corporation (AFC) long-term and short-term issuer credit ratings of ‘A’ and ‘A-1’, respectively, with a Positive Outlook. This recognition reflects the institution’s strong financial profile and its expanding role in financing Africa’s infrastructure and industrial development.
In its assessment, S&P highlighted AFC’s robust liquidity buffers, a disciplined risk management framework, and its demonstrated ability to mobilize private capital for large-scale, cross-border infrastructure projects across the continent. The rating marks the highest grade ever assigned to AFC by a major global credit agency, significantly enhancing its standing in international capital markets and bolstering its ability to access diversified, long-term funding sources.
S&P’s report emphasized AFC’s expanded operational scale and broadened development mandate, underpinned by a well-established operating model. The agency praised the institution’s leadership in delivering critical infrastructure assets, noting its ability to structure and execute complex transactions in sectors where private financing alone often falls short.
Since its inception, AFC has disbursed $18.5 billion in financing across 36 African countries. Its investment portfolio spans a wide range of strategic sectors, including energy, transport and logistics, natural resources, heavy industry, telecommunications, and technology. Among the flagship initiatives cited in the report is the Lobito Corridor, a trade and logistics route connecting Angola, Zambia, and the Democratic Republic of Congo. The project is designed to promote regional integration and enhance supply chain resilience.
S&P also pointed to AFC’s investments in ARISE Integrated Industrial Platforms, which support the development of industrial zones and promote local value addition. Another key project mentioned is the Kamoa-Kakula copper complex in the Democratic Republic of Congo, one of the fastest-growing and highest-grade copper ventures globally. Additionally, AFC has demonstrated a strong capacity to recycle capital through strategic partial exits, including from ARISE and Ghana’s Takoradi Port.
The Positive Outlook assigned by S&P is grounded in the expectation that AFC will continue to expand its shareholder base, strengthen its capital position, and maintain solid liquidity and asset quality while executing its medium-term strategy. Currently, the institution counts 60 shareholders, comprising sovereign governments, financial institutions, pension funds, and multilateral development partners.
S&P further highlighted AFC’s experienced management team and strong liquidity coverage ratios. Based on end-2024 data, the agency reported that AFC’s liquid assets were sufficient to cover borrowing needs and sustain operations even under stressed market conditions, without disrupting planned disbursements.
Commenting on the rating, AFC President and Chief Executive Officer Samaila Zubairu stated that the endorsement validates the institution’s financial strength, governance, and strategic role in transforming Africa’s infrastructure landscape. He noted that the recognition further reinforces AFC’s position as a key catalyst for mobilizing private capital and delivering long-term development financing across the continent.
