FEDA Posts 72% Profit Surge, Hits $40.3m in 2024

According to its annual report, the Fund for Export Development in Africa (FEDA), the impact investment subsidiary of Afreximbank, recorded a net income of $40.3 million in 2024, a 72% increase from $23.4 million in 2023.

Established in 2019, FEDA focuses on equity, quasi-equity, and private credit investments to drive long-term development across African sectors such as infrastructure, technology, healthcare, and sports.

By the end of 2024, FEDA’s investments reached $573.8 million, with $410 million allocated to new projects. Nigeria, Benin, Guinea-Bissau, Malawi, and The Gambia joined FEDA’s membership, increasing the total to 19 countries. The FEDA Direct Equity Fund I, with $270 million committed, supported scalable businesses, including an $85 million investment in Arise Integrated Industrial Platforms in 2022 and a stake in Team Drogba, an electric boat racing venture led by Didier Drogba.

The Africa Credit Opportunities Fund (ACOF), with $125 million mobilised, began disbursements in early 2025, backing projects such as the African Medical Centre of Excellence. FEDA’s Venture Fund allocated $25 million to support African SMEs, addressing their need for patient capital. Plans for a $150 million Africa Film Fund in 2025 aim to bolster the creative industry, particularly Nollywood.

FEDA’s Libreville Africa Holdings Limited, valued at $366.8 million, holds a 5% stake in Nigeria’s Geregu Power Plc and a $31.3 million investment in Mauritania’s TND SA. In 2024, FEDA raised $258.7 million in new capital, increasing shareholder funds to $607 million, and earned $20.8 million in service fees from its Arise IIP partnership. This performance highlights FEDA’s role in shifting Africa’s financial focus toward sustainable, long-term investments.