AFC’s Virtual Symposium Empowers Africa’s Economic Future through Capital Retention

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The 4th Edition of the virtual Country and Stakeholder Symposium (CSS), hosted by the Africa Finance Corporation (AFC) on April 4, 2024, emerged as a triumphant platform for tackling the critical theme of “Retaining African Capital for Sustainable Future.” The symposium convened esteemed experts and stakeholders who engaged in profound discussions aimed at addressing the challenge of capital flight from the continent and devising strategies to channel investments within Africa, thereby narrowing the financing gap and stimulating further investments for sustainable development.

Attendees actively participated in the symposium, contributing to its success and fostering meaningful dialogue around the imperative of capital retention and domestic investment mobilization. The event’s recording was made available for broader access, ensuring the dissemination of insights and knowledge beyond the symposium’s immediate audience.

In parallel, AFC proudly unveiled its remarkable financial performance for the year 2023, marking a milestone year for the corporation. With an annual profit surge of 15.3% to US$329.7 million, operating income escalation of 24.1% to US$497.5 million, and a notable expansion in total assets to US$12.35 billion, AFC surpassed its ambitious 5-year strategy target by an impressive US$2.3 billion.

Key financial highlights underscored AFC’s robust performance, including a solid return on average equity, a substantial increase in net interest income, and a significant rise in total comprehensive income. Moreover, the capital adequacy ratio witnessed a commendable uptick, reflecting the corporation’s sound financial footing and strategic resilience amidst global economic uncertainties and geopolitical complexities.

Expressing pride in AFC’s accomplishments, the CEO emphasized the corporation’s pivotal role in driving economic resilience, fostering job creation, and catalyzing structural transformation across Africa. As AFC reaffirms its commitment to supporting African sovereigns in their pursuit of economic growth and sustainable development, it continues to be the preferred partner for impactful investments across the continent.

With a steadfast dedication to its mission, AFC invites stakeholders to stay updated on its corporate activities and initiatives through its website, reinforcing its role as a catalyst for Africa’s socio-economic advancement and prosperity.

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