Africa Finance Corporation (AFC) has welcomed the assignment of long-term and short-term issuer credit ratings of ‘A’ and ‘A-1’, respectively, with a Positive Outlook, by S&P Global Ratings, marking the highest rating the institution has received from a major global ratings agency.
In its assessment, S&P said the ratings reflect AFC’s strong institutional and financial risk profile, supported by robust liquidity buffers, disciplined risk management, and the Corporation’s ability to mobilise private capital for complex, cross-border infrastructure and industrial projects across Africa. The upgrade strengthens AFC’s standing in global capital markets and is expected to support continued access to diversified, long-term funding.
S&P highlighted AFC’s expanded scale and broadened mandate, noting the institution’s leadership in delivering assets critical to Africa’s long-term growth. The agency pointed in particular to AFC’s capacity to structure and execute complex transactions, and to deploy capital in priority sectors where private financing alone is often insufficient.
Since inception, AFC has disbursed US$18.5 billion across 36 African countries, with investments spanning energy, transport and logistics, natural resources, heavy industry, telecommunications and technology. Flagship projects cited by S&P include the Lobito Corridor, a strategic trade and logistics link connecting Angola, Zambia and the Democratic Republic of Congo, which underpins regional integration and supply-chain resilience. S&P said AFC “plays a strategically important role that is not easily replicated by other development finance institutions or commercial lenders.”
Other landmark investments include ARISE Integrated Industrial Platforms, which anchor local value addition through industrial zones, and the Kamoa–Kakula copper complex in the DRC, one of the world’s highest-grade and fastest-growing copper projects. AFC has also demonstrated a track record of successful asset exits, including partial exits from ARISE and Ghana’s Takoradi Port, reinforcing its ability to originate, scale and responsibly recycle capital.
The Positive Outlook, S&P said, reflects expectations that AFC will continue to broaden its shareholder base—currently comprising 60 shareholders including sovereigns, financial institutions, pension funds and multilaterals—while strengthening capital buffers and sustaining strong liquidity and asset-quality metrics.
“This S&P Global rating is a strong validation of AFC’s financial strength, governance, and strategic role in financing Africa’s infrastructure and industrial transformation,” said Samaila Zubairu, President & CEO of AFC. “It reflects a solutions-oriented, execution-driven platform with disciplined balance-sheet management and a track record of delivering complex, high-impact projects aligned with sovereign development priorities.”
S&P also underscored AFC’s experienced management team and capital-raising record, noting that, based on end-2024 data, the Corporation’s 12-month liquidity ratio stood at 3.1x and the six-month ratio at 5.5x, levels the agency said compare favourably with peers and remain resilient under stressed market conditions.
With the new ratings, AFC is expected to further reinforce its role as a catalyst for private investment, supporting infrastructure, industrialisation and trade-enabling assets central to Africa’s long-term economic transformation.