Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, today announced that it has received an uplift to its credit ratings outlook from Moody’s Investors Service, with the assignment of a “stable” outlook. This decision further solidifies AFC’s position as one of the highest investment-grade African institutions, with Moody’s affirming the Corporation’s long-term issuer and senior unsecured ratings at A3, as well as AFC’s short-term issuer rating at P-2.

“Notwithstanding increased country risk in several of AFC’s countries of operation over the past year, asset performance has proven resilient amid effective credit protections,” Moody’s analysts stated in its latest report. “The stable outlook also reflects management’s governance track record and early intervention capacity to mitigate materializing risks at an early stage.”

Moody’s A3 rating affirmation reflects AFC’s adherence to its prudential guidelines to safeguard the Corporation’s intrinsic financial strength based on solid capital adequacy and high-quality liquidity buffers. In FY2023, the Corporation recorded outstanding financial performance with Capital Adequacy Ratio increased to 34.5% from 34.3% in 2022 and Cost-to-Income Ratio improved to 19.6%, from 22.7% in 2022. Additionally, the Corporation recorded Liquidity Coverage Ratios (LCR) of 161% and 143% under normal circumstances and a stress scenario respectively, significantly higher than the Corporation’s LCR requirement of greater than 100% in both scenarios.

The decision by Moody’s is crucial for AFC to continue leveraging its top-tier credit ratings to achieve among the lowest borrowing costs of any institution in Africa, for transformational infrastructure projects in power, natural resources, transport, and technology that drive rapid industrialisation and job creation on the continent. Landmark initiatives include Djibouti’s first wind farm, with AFC as lead developer advancing plans to become the first African country wholly reliant on renewable sources for energy, and the Lobito Corridor rail project, with AFC again as lead developer working alongside the US, European Union and governments of Angola, DRC and Zambia to mobilise industry and connect the Atlantic and Indian oceans.

“Amidst the current challenging global macroeconomic and financial conditions, we are pleased to receive such strong endorsement from Moody’s, a key lever in our access to global capital markets,” Samaila Zubairu, President and CEO of AFC, said “It reinforces our position as the resilient and reliable partner for a more prosperous African future and an indispensable ally in mobilising urgently needed capital to build the infrastructure that integrates Africa and enables its industrialisation.”

“The change in outlook to stable from negative is driven by our expectation that AFC will be able to maintain a stable, if not improving leverage ratio and that the asset performance track record will be preserved.” Moody’s analysts said, commending AFC. “The improved leverage outlook reflects the Corporation’s continued equity raising strategy. The Corporation exceeded its $1 billion target in 2019-23 and aims to raise a similar amount during 2024-28. Moreover, the corporation lowered its dividend payout ratio starting 2023 which will help retain a higher share of earnings and grow the capital base organically in the future,” they reported.

In the face of uncertainty in the global financial landscape, AFC successfully maintains access to the global capital markets, a testament to the confidence that investors place in the Corporation’s robust credit risk profile and it’s growing global appeal. This year, AFC has completed several pivotal funding transactions including its largest ever debt facility, a US$1.16 billion syndicated loan, attracting new lenders from the Middle East, Europe, and Asia.

For the full statement from Moody’s, please click here (https://apo-opa.co/3XGd2FV).

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org

About AFC: 
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.

www.AfricaFC.org

In a major development for the African energy sector, Sankofa Events, led by respected energy executive Paul Sinclair – has acquired the AOW (apo-opa.co/3XCeclL) industry event – previously known as Africa Oil Week. 

With the AOW acquisition, Sinclair returns to take the helm of the summit that he helped build into Africa’s leading oil, gas and energy event and a crucial deal-making environment for governments and energy businesses alike.  

“I am proud and excited to lead AOW – an event I have much history with and a powerful brand I firmly believe in,” said Sinclair. “AOW has made extraordinary progress over the past few years, and I am determined to build on that and develop it even further. I look forward to seeing my friends from the African oil, gas and energy sector at the upcoming event in October.”  

The next AOW conference, titled AOW: Investing In African Energy, starts on October 7 in Cape Town.  

For the past nine years, AOW has been managed by international exhibition and conference company Hyve Group. Hyve will remain on board until after this year’s event – the 30th edition of AOW – to provide support for Sankofa.  

“Paul knows the event extremely well, believes concretely in AOW’s purpose, and has an excellent knowledge of the sector,” said Hyve Group CEO Mark Shashoua. “Hyve will support Paul over the coming months, to ensure continuity for the AOW community. We are fully committed to delivering another fantastic event.” 

Sinclair has deep networks across the global oil, gas and industry. He served as vice president: energy for Africa Oil Week from 2017 – 2023, and also helped to launch the Green Energy Africa Summit, which has subsequently become part of the consolidated AOW event. 

He reassured investors that the conference will continue to provide a dedicated, vitally important engagement and dealmaking space for oil and gas stakeholders – particularly upstream players – offering engagement activities and opportunities for governments. 

“We are excited about the growth possibilities of this powerful property,” said Sinclair. “AOW already adds significant value to the energy sector, facilitating deal flow, partnerships and business growth in the African oil and gas space, as well as supporting the energy transition. We look forward to growing that impact, for the benefit of all stakeholders in the industry.” 

Distributed by APO Group on behalf of AOW: Investing in African Energy.

AOW: Investing in African Energy unites industry leaders to develop policy, share discoveries, secure investment, and shape Africa’s energy future. It runs from October 7-10 October 2024 at the CTICC 2, Cape Town. 

Alzheimer’s disease is an illness that affects millions of people worldwide, with the number of people living with dementia across the world expected to increase up to 139 million in 2050, according to the World Health Organization (https://apo-opa.co/4gATdbB). For World Alzheimer’s Month, Dr. Gabrielle Walcott-Bedeau, Assistant Provost, Academic&Student Affairs Associate Professor from the Department of Physiology, Neuroscience, and Behavioral Science at St. George’s University (SGU) (www.SGU.edu), shares the importance of understanding this neurodegenerative disease and key preventative measures.

Understanding Alzheimer’s Disease

Alzheimer’s disease causes a slow decline in memory, which worsens over time, gradually destroying brain cells. The destruction is caused by the buildup of abnormal proteins, but people with Alzheimer’s may live for over a decade without obvious symptoms. 

As the brain cells die, the disease attacks the area of the brain responsible for memory, so the earliest symptom often noticed is memory loss, especially recent memories.

A global health concern

Alzheimer’s disease is more common than many expect. It is responsible for up to 80% of all dementia cases in older adults, affecting over 50 million people globally. The prevalence of Alzheimer’s disease on the African continent (https://apo-opa.co/3XE9jIP) is alarming and will rise from 3.6 million cases in 2020 to an estimated 16.2 million by 2050.

Causes and prevention

Despite extensive research, the exact cause of Alzheimer’s disease is still not fully understood. However, scientists believe that it is likely caused by a combination of genetic, environmental, and lifestyle factors. Several studies have highlighted the importance of a healthy lifestyle that may reduce the risk or delay the onset of the disease:

Healthy diet: Nutrition plays an important role in brain health. A diet rich in fruits, nuts, and fiber may help reduce the risk of Alzheimer’s.
Physical activity: Regular exercise is good for your body and your brain. Activities such as walking, swimming, or yoga can help maintain cognitive function and reduce the risk of memory loss.
Social engagement: Staying connected with others through positive and healthy social interactions benefits brain health. Whether it’s spending time with family, joining a local club, or engaging in community activities, staying socially active can help protect the brain from the risk of Alzheimer’s disease.

SGU encourages individuals and organizations across Africa to learn about Alzheimer’s, take action to support those affected, and work towards building a healthier future.

Distributed by APO Group on behalf of St. George’s University.

About St. George’s University School of Medicine: 
Founded in 1976, St. George’s University (SGU) (www.SGU.edu) is a center for academic excellence worldwide. With students and faculty drawn from more than 150 countries, SGU is truly an international institution, with a uniquely global perspective. The SGU School of Medicine is accredited (https://apo-opa.co/4dnUW1d) by the Grenada Medical and Dental Council which has been recognized by the World Federation for Medical Education (WFME). The school offers a four-year Doctor of Medicine (MD) degree program. Students can also enter the MD degree program from any education system around the world via the five-, six-, or seven-year tracks. SGU has a large network of 75+ affiliated hospitals (https://apo-opa.co/4ezVtxY) and health centers in the US and UK, with the unique opportunity for students to begin their medical career in Grenada or the UK. 

World leaders from business, government, finance, sports, and the creative arts convened in New York for the third annual “Unstoppable Africa” event today. Organized by the Global Africa Business Initiative (GABI) (https://GABI.UNGlobalCompact.org/), this summit aims to establish the continent as the premier destination for business, trade, and investment.

Under the theme “Unstoppable Africa: Shaping Global Ambitions for Agenda 2063,” the event emphasizes inclusive participation, focused dialogue, and actionable solutions. This two-day summit coincides with the United Nations General Assembly and is co-hosted by UN Deputy Secretary-General Amina J. Mohammed and African Union Chairperson H.E. Moussa Faki Mahamat. Coordinated by the UN Global Compact, GABI provides a crucial platform for global leaders—including Heads of State, CEOs, investors, policymakers, and industry specialists—to collaborate on advancing Africa’s business landscape.

The opening day featured notable attendees such as H.E. Andrzej Duda, President of Poland; Julie Monaco, Global Head of Public Sector Banking, Citi; Prof. Benedict O. Oramah, President of the African Export-Import Bank (Afreximbank); WNBA All-Star and ESPN host, Chiney Ogwumike; Mr. Alhaji Aliko Dangote, Founder and CEO of Dangote Group; Chido Mpemba, Special Envoy on Youth to AU Chairperson; and Mr. Makhtar Diop, Managing Director of the International Finance Corporation (IFC). Their presence underscored the critical role Africa plays in shaping a prosperous and sustainable global future.

In his keynote video address, United Nations Secretary-General Antonio Guterres emphasized the importance of strengthening partnerships to drive progress in Africa and globally. He stated that achieving an unstoppable Africa requires “collective, unstoppable efforts to foster development in areas like renewable energy, food systems, education, and digital transformation.” Guterres also advocated for meaningful reforms in the global financial architecture to ensure that all countries receive the necessary support, while promoting job creation and economic growth through initiatives such as the African Continental Free Trade Area.

H.E. Moussa Faki Mahamat highlighted Africa’s rich cultural diversity and the resilience of its people. “Africa’s story is one of determination, progress, and hope. Our strength lies not only in our resources but in our people—mothers, fathers, sons, and daughters—who tirelessly work to build a better future.”

Deputy Secretary-General Amina J. Mohammed emphasized Africa’s emerging economic leadership, particularly with the African Union’s inclusion in the G20. This milestone enhances Africa’s voice in global governance and integrates the continent’s development priorities into broader decisions that promote equity and sustainability.

Insightful Sessions and Discussions

The opening session featured a powerful panel discussion titled “The ‘Africa Youth Fix’ for a World in Crisis.” This conversation explored the immense potential of Africa’s youth, who are eager to play a pivotal role in shaping the continent’s and the world’s future. With Africa’s median age at just 19, the panel highlighted the opportunities in harnessing the creativity, energy, and ambition of young people across sectors such as technology, trade, energy, and the creative industries.

In a session focused on boosting trade, Alhaji Aliko Dangote stressed the necessity of removing barriers to the movement of people, goods, and services to accelerate free trade in Africa. He pointed out the disparities in access faced by Africans compared to those holding American or British passports and emphasized that fostering business relationships requires greater freedom of movement.

During the “Unstoppable Africans” session, Faouzi Annajah, Co-Founder of NamX, shared his journey as an innovator in the electric vehicle market, discussing his ambitious project to launch Africa’s first hydrogen-powered SUV by 2027.

Brad Smith, Vice Chair and President of Microsoft, outlined the company’s commitment to leveraging artificial intelligence (AI) for Africa’s future. He emphasized Microsoft’s focus on developing world-class AI platforms and infrastructure that will benefit the continent.

WNBA All-Star and ESPN host Chiney Ogwumike announced her new foundation, Queens of the Continent, during a fireside chat with Masai Ujiri, President of the Toronto Raptors. The foundation aims to create opportunities for women and girls across Africa, using sport as a transformative vehicle to promote gender equity and access to opportunities.

As the event transitions into its second day, stakeholders will build on the momentum, focusing on actionable strategies to accelerate Africa’s growth agenda. The solutions roundtable will culminate in concrete commitments to address pressing challenges, including key trade and energy agreements and the impacts of climate change.

GABI remains dedicated to ensuring Africa’s pivotal role in shaping the global future is recognized and maximized. Day 2 promises more groundbreaking announcements and partnerships that will solidify Africa’s rise as an unstoppable force in the global economy. View of the photos from Unstoppable Africa event, Day 1 here (https://apo-opa.co/3ZHH3HR) and the event b-roll here (https://apo-opa.co/3ZDCu1m).

For more information on Day 2, visit the Website (https://apo-opa.co/3ZDOQGF).

Distributed by APO Group on behalf of Global Africa Business Initiative.

Media Enquiries:
Rosemary Otalor
Rosemary.otalor@apo-opa.com
+2348027171405