(Ecofin Agency) - Africa Finance Corporation (AFC) announced this week a significant 17.3% increase in its assets in 2023, reaching $12.34 billion. This milestone not only reflects the corporation's robust financial health but also surpasses the targets set by its five-year growth strategy by $2.3 billion.

In a press release, the AFC, known for its focus on financing infrastructure projects across Africa, revealed that its net profit for the past year climbed to $329.7 million, marking a 15.3% increase from 2022. The return on equity (ROE) for the year stood at 11%.

“Our robust financial results reflect AFC’s unwavering commitment to unlock practical solutions for projects that enhance local value capture and spur industrialization," said AFC's CEO, Samaila Zubairu, in the release. “In a year marked by global economic and geopolitical complexities, AFC has stood as a beacon of resilience, delivering value to all stakeholders while creating jobs and prosperity through structural transformation across Africa,” he added.

The AFC also highlighted its expanding pan-African footprint, with the addition of three new member states - Burundi, Ethiopia, and Sao Tome and Principe - bringing the total number of member states to 43. Since its inception in 2007, with an initial capital of $1.1 billion to catalyze investment in Africa's infrastructure sector, the AFC has now claimed investments totalling $13 billion across the continent. Its principal shareholders include the African Reinsurance Corporation, the African Development Bank (AfDB), and pan-African banking groups Ecobank and United Bank for Africa (UBA).