Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Moody's rates Africa Finance Corporation

05 March 2014, 16:06Okoro Chinedu

Lagos - The Africa Finance Corporation (AFC), a multilateral development financial institution headquartered in Lagos, said it had secured its first international credit rating from Moody’s Investors Service.

Moody’s has assigned the Corporation an A3 (long term) /P2 (short term) foreign currency debt rating, making the AFC the second highest investment grade rated multilateral financial institution on the African continent.  

Moody’s rationale for this investment grade rating is based on a sound capital adequacy position, high asset quality and strong prudential framework that supports a high degree of liquidity, supported by an excellent profit margin and profit retention.  

Additionally, the corporation’s strong liquidity framework and position which is in excess of the requirements of Basel III Capital Accord  on liquidity risk management, will mitigate against external economic shocks, and help support planned growth. The outlook on the rating is stable.

Commenting on the International rating, Andrew Alli, President and Chief Executive Officer, AFC said, “Attaining an investment grade International credit rating, only six years after inception, is a tremendous achievement.

“It is a major milestone in the Corporation’s history.  This rating, together with AFC’s strong capital position and the quality of its portfolio, will enable AFC to grow its balance sheet, broaden its asset base and expand its geographical footprint.  

“It is a further endorsement of the Corporation’s rigorous investment process, innovative approach to infrastructure investment on the continent, world-class corporate governance and solid shareholder support.

“The Corporation is poised to assist in further driving economic growth and industrial development in Africa.  We are extremely pleased with the rating, Alli said.”

AFC was established in 2007 as a private sector-led Pan African multilateral development finance institution, with an initial capital base of USD1.1 billion, to be a catalyst for private sector infrastructure investment across Africa.  

It was established to help fill a critical void in providing project structuring expertise and risk capital to address Africa’s infrastructure development needs.

–     CAJ News

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...