The 2017 saw an improved economic performance by the African continent compared with 2016, a trend we expect to continue into 2018.
This performance was truly varied across African nations, with the strongest growth rates coming from East Africa, whilst the challenges of lower commodity prices continued to affect the oil-reliant nations.
These developments occurred against a global backdrop of political uncertainty in the US and Europe, causing hesitancy in the markets.
The scale of African demand for financing infrastructure investment and maintenance is high. Traditional sources of public financing and weakened economic conditions in many regions of the world have magnified the need for private capital.
AFC, was established to meet this resource imbalance by investing in infrastructure assets on a pan-African basis.
Over the last ten years, AFC has invested in various capacities in African projects including the Kainji Hydro Electric Power station in Nigeria, the Jubilee oil field development in Ghana, the Main One Cable Company across West Africa, the Henri Konan Bédie Bridge in Côte d’Ivoire, two major Gabonese port projects, a bauxite project in Guinea-Conakry, which was the first major post-Ebola investment in the country and an upgrade to the airport in Ghana.
The Cabeolica Wind Farm IPP in Cape Verde, which provides the country’s half a million people with 20% of their energy needs whilst simultaneously making our contribution to the biggest challenge of our time: combating climate change.
The US$205 million investment to develop Alufer Mining’s Guinea-Conakry high grade bauxite reserves, the largest investment of its kind to take place in the country following the Ebola crisis that brought the country’s economy to a standstill. With up to 30% of all exports accounted for by bauxite exports, the impact to the population of this investment is tremendous.
The $365 million Henri Konan Bédié Bridge in Abidjan. Today, as many as 2 million vehicles traverse the bridge every month, saving time and fuel and doubling parentchild contact time.
The landmark $900 million Cenpower Kpone IPP in Ghana, which will increase the electric power available by 350MW to the country’s 28 million people – an increase of nearly 10% of Ghana’s total installed power capacity.
The $240 million Main One Cable Company which provides innovative telecommunications services, network solutions and wholesale internet services for people and businesses in West Africa. Main One provides direct connectivity to over 10 million users, with several more millions benefitting indirectly.
The 1 786MW power joint venture with Harith General Partners called Anergi Holdings, which provides electricity to 30 million people across 5 countries in Africa.
All of this has been possible whilst delivering a profit in each of the ten years since AFC’s inception, despite the backdrop of the global financial crisis, slow-growth, and the crash of commodity prices that affected many African economies. As such, AFC’s activities reflect a strategic and passionate desire to meet the desperate need for a private sector led infrastructure financing institution in the world’s second largest continent, for all its people.