The Africa Finance Corporation (AFC) is a Lagos-based investment outfit focused on African infrastructure. It increased its investments to $4.5bn in 2025, roughly $2bn more than its total in the previous two years. Its CEO, Samaila Zubairu, says Africa "has a lot of potential but not enough bankable projects." AFC's managers on the ground ensure that projects—whether wind farms, railways, smelters, gas plants or gold mines—have the infrastructure and regulatory approvals needed to get from blueprint to real-world operation. In projects such as the extension of the Lobito Corridor to Zambia (an American- and EU-backed railway from Angola to the Democratic Republic of Congo copperbelt), AFC invests risk-bearing capital and is on the hook for first losses. Its loan-loss ratio is 0.7%, towards the lower end of what is normal for global banks.
From 2025 to 2029 more railways will be built in Africa than in the previous ten years, according to AFC.
I think the world is run by C students.