Multilateral development finance institution Africa Finance Corporation (AFC) on Wednesday reported that it had invested $688-million during the 2016 financial year, returning a robust financial performance of $115.3-million in total comprehensive income – a 64% year-on-year improvement.
The institution, which sets out to bridge Africa’s significant infrastructure gap through private sector investment, further reported significant growth in its balance sheet, to $3.4-billion, paired with a 51% increase in net profit to $109.4-million.
AFC’s total assets also increased to $3.4-billion, up 13% from the prior year.
AFC president and CEO Andrew Alli noted that 2016 was a successful financial year. “Operationally, we’ve had a great year too, with investments including Gabon’s special economic zone, paving the way for greater economic diversification in the country.
“We've also strengthened our relationships with development finance institutions and the private sector – for example by launching a joint venture with Harith – merging power assets to create a pioneering African power platform vehicle,” said Alli.
He added that AFC now aimed to have $5-billion of assets by 2019 and, despite facing challenging economic environments, its firm foundations will continue delivering positive socioeconomic change across Africa.
The institution has also welcomed Central Bank of Nigeria deputy governor Dr Joseph Nnanna as its new chairperson this week. He is succeeding Dr Sarah Alade who retired on March 22.
Nnanna has over three decades' experience as an economist and banker and has served as a consultant to the Nigeria government, the United Nations Conference on Trade and Development and on the board of the International Monetary Fund.
“It has been a privilege to serve as chairperson of such a dynamic and fast-growing organisation. I have had the pleasure of overseeing some of the company’s milestones, including the company’s inaugural Eurobond, Swiss Franc (CHF) and Sukuk issuances and the expansion of country membership from nine to 14.
“I have no doubt that the corporation will continue to flourish under my successor and wish both him and AFC the best in the future,” said Alade.