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AFC President and Chief Investment Officer Win EMEA Finance’s 2017 Champion of Finance Award


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AFC President and CEO Andrew Alli (Right) accepting the Award from Chris Moore, Editor EMEA Finance

The Champion of Finance awards bestowed on Africa Finance Corporation (AFC) and its leadership. These awards are given to those individuals whose lifetime contributions to finance and the EMEA region have demonstrated excellence and provided an impactful result for shareholders and clients alike. Additionally, the Corporation received recognition in EMEA Finance’s Achievement Awards 2017 for success in accessing international capital markets. The Corporation won the following accolades: Best Supranational Bond, Best Supranational Sukuk, and Best Supranational Borrower.

Andrew Alli, who has served as Africa Finance Corporation’s President and CEO since 2008, was awarded the Champion of Finance Award for his outstanding achievement in, and lifetime contribution to, the field of Finance, and for relentless contributions to the sustainable development of Africa’s infrastructure. This is demonstrated through projects that have transformed the continent, particularly in countries that traditional investors have typically shied away from.

Andrew has previously worked for organisations – International Finance Corporation, Coopers & Lybrand (now PricewaterhouseCoopers), that have reflected and built on his driving passions: To use financial innovation and expertise to develop Africa and to unlock the continent’s vast and unrealised potential, and to build African financial institutions that can effectively deliver that focused investment. He has concentrated on delivering this during his term leading Africa Finance Corporation.

Under Andrew Alli’s leadership, AFC has, over the last ten years, evolved from a US$1 billion start-up into an institution that is a powerful force on the continent with a balance sheet of US$4.2 billion. It currently has a membership of 20 countries, an A3 Credit rating by Moody’s Investor Services (the second highest rated African lending institution), and has invested in various capacities in the following landmark African projects:

The 1,786MW power joint venture with Harith General Partners – Anergi Holdings, which provides electricity to 30 million people across 5 countries in Africa.

The US$205 million project to develop Alufer Mining’s Guinea-Conakry high grade bauxite reserves, the largest investment of its kind to take place in the country following the 2014 Ebola crisis that brought the country’s economy to a standstill. With bauxite accounting for up to 30% of the country’s exports, the impact to the population of this investment is tremendous.

The US$240million Main One Cable Company which provides innovative telecommunications services, network solutions and wholesale Internet services for people and businesses in West Africa. Main One provides direct connectivity to over 10 million users, with several more millions benefitting indirectly.

Oliver Andrews, Chief Investment Officer Africa Finance Corporation accepts the Award from Chris Moore, Editor EMEA Finance

Oliver Andrews, AFC’s Chief Investment Officer, previously a strategic advisor to the World Bank, the African Development Bank, the Economic Community of West African States (ECOWAS)and CEO TCI Infrastructure, has served in various capacities at AFC. Oliver has provided leadership to multi-disciplinary teams in the areas of end-to-end deal origination, investments, technical advisory and project development, translating the organizational vision into business development leadership and a robust pipeline of projects. He has been responsible for the completion of investments worth about US$4 billion in various infrastructure projects across continental Africa.

Oliver Andrews was also recognised as a Champion of Finance at EMEA Finance’s Project Finance Awards 2017:

The award underscores his hard work and relentless innovations in the creation of infrastructure as a standalone asset class in Africa. During the awards ceremony, EMEA Finance highlighted Oliver Andrews’ significant contributions in putting infrastructure investment and financing in Africa on the global map, having been the Chief Architect for the majority of AFC’s landmark transactions including the:

US$900 million Cenpower Kpone IPP in Ghana, which will increase the electric power available by 350MW to the country’s 28 million people – an increase of nearly 10% of Ghana’s total installed power capacity.

US$90 million Cabeolica wind power project in Cape Verde, Africa’s first commercial wind farm, which provides the country’s half a million people with 20% of their energy needs whilst simultaneously making our contribution to the biggest challenge of our time: combating climate change.

US$365 million Henri Konan Bédié Bridge in Abidjan. Today, as many as 2 million vehicles traverse the bridge every month, saving time and fuel and doubling parent-child contact time.

Development and launch of a US$15 million project development facility with the Dutch Development Bank (FMO) and the accreditation of AFC in the Green Climate Fund.

In addition to recognising AFC’s leadership, EMEA Finance also recognised the Corporation with the following awards:

Best Supranational Bond, for the successful issuance of the US$500 million Eurobond which was 5 times oversubscribed.

Best Supranational Sukuk, for the successful issuance of the US$150 million Murabaha Sukuk, the first Sukuk ever issued by an African supranational entity.

Best Supranational borrower, following a series of successful capital raising activities aimed at closing Africa’s infrastructure funding gap. Currently, Africa requires an estimated US$100 billion per annum for the development of its infrastructure.

Andrew Alli commented on the announcement: “Africa faces many challenges, which impede its development. However, very few are as significant as the infrastructure deficit we see across the continent today. I am humbled to have been recognised for my role in attempting to surmount these challenges, and grateful to the AFC family and shareholders, who have made all these achievements possible, for the opportunity to serve.”

Oliver Andrews, also commented on the announcement: “My passion for infrastructure stems from my deep commitment to the sustainable development of Africa. As I look back on my experiences in the sector, what I am most proud of has been the ability to demonstrate that projects in vital African infrastructure can be both bankable and have a developmental impact. There is no greater honour than to be recognised by one’s own peers and colleagues. I am therefore grateful and humbled to have been bestowed with this award”.

Christopher Moore, CEO and Publisher of EMEA Finance commented: “Across Africa, we have seen a steady rise in the innovations around infrastructure financing solutions, which have gone a long way to improving Africa’s Power, transport and industrial sector to name just a few. Without a doubt, Oliver and Andrew, particularly through the AFC platform, have emerged over the years as being amongst the most significant actors in the infrastructure space. EMEA Finance is therefore delighted to present these very richly deserved awards”.

AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet size of approximately US$4.2 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. AFC successfully raised US$750 million in 2015 and US$500 million in 2017; out of its Board-approved US$3 Billion Global Medium-Term Note (MTN) Programme. Both Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA.

AFC’s investment 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. AFC invests in high quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested approximately US$4 billion in projects within 28 countries across North, East, West and
Southern Africa.

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