LONDON, Jan 30 – S&P Global Ratings has assigned Africa Finance Corporation long-term and short-term issuer credit ratings of A and A-1, respectively, with a Positive Outlook, reflecting the institution’s strong financial profile and growing role in financing Africa’s infrastructure and industrial development.
In its assessment, S&P cited AFC’s robust liquidity buffers, disciplined risk management framework, and its ability to mobilize private capital for large-scale, cross-border infrastructure projects across the continent.
The rating represents the highest grade assigned to AFC by a major global credit ratings agency, strengthening its standing in international capital markets and supporting access to diversified, long-term funding.
S&P highlighted AFC’s expanded scale and broadened mandate, pointing to its established operating model and leadership in delivering assets critical to Africa’s long-term growth. The agency noted the institution’s capacity to structure and execute complex transactions in sectors where private financing alone is often insufficient.
Since inception, AFC has disbursed $18.5 billion across 36 African countries, with investments spanning energy, transport and logistics, natural resources, heavy industry, telecommunications and technology. Flagship projects include the Lobito Corridor, a strategic trade and logistics route linking Angola, Zambia and the Democratic Republic of Congo, aimed at strengthening regional integration and supply chain resilience.
Additional investments cited by S&P include ARISE Integrated Industrial Platforms, which support industrial zone development and local value addition, and the Kamoa Kakula copper complex in the Democratic Republic of Congo, one of the world’s fastest-growing and highest-grade copper projects. AFC has also demonstrated an ability to recycle capital through successful partial exits, including from ARISE and Ghana’s Takoradi Port.
The Positive Outlook reflects S&P’s expectation that AFC will continue to broaden its shareholder base, strengthen its capital position and maintain strong liquidity and asset quality as it executes its medium-term strategy. AFC currently has 60 shareholders, including sovereigns, financial institutions, pension funds and multilateral partners.
S&P also pointed to AFC’s experienced management team and strong liquidity coverage ratios. Based on end-2024 data, the agency said AFC’s liquid assets were sufficient to service borrowing and maintain operations under stressed market conditions without slowing planned disbursements.
AFC President and Chief Executive Officer Samaila Zubairu said the rating validates the institution’s financial strength, governance and strategic role in Africa’s infrastructure transformation, reinforcing its position as a catalyst for private capital and long-term development financing across the continent.
