The Lagos-based pan-African multilateral development institution, Africa Finance Corporation (AFC) announced on Tuesday the successful close of its largest ever debt facility, a $1.16 billion syndicated loan, attracting new lenders from the Middle East, Europe, and Asia.
This transaction aligns with the AFC’s efforts to develop critical infrastructure across Africa by providing financial flexibility and diversifying investor base, it added.
The oversubscribed loan, initially at $1 billion, was increased by 49 per cent, reflecting global investor confidence in AFC’s track record, creditworthiness, and ability to navigate global complexities.
Proceeds from the loan will be deployed to advance AFC’s mission to consistently deliver fast and sustainable solutions to close Africa’s infrastructure gap and unleash the continent’s potential, thus supporting African industrialisation, export earnings, and job creation.
First Abu Dhabi Bank PJSC, Mashreqbank PSC, MUFG Bank and Standard Chartered collectively acted as Global Coordinators. The Industrial and Commercial Bank of China (London Branch) was the China Coordinator. Abu Dhabi Commercial Bank PJSC, Emirates NBD Bank PJSC, Mizuho and Sumitomo Mitsui Banking Corporation were the Initial Mandated Lead Arrangers and Bookrunners. In addition, the Bank of China and Société Générale S.A acted as Initial Mandated Lead Arrangers.
