Multilateral finance institution the Africa Finance Corporation (AFC) has secured a $1.16 billion syndicated loan to develop critical infrastructure projects across Africa. Poised to enhance the continent’s financial flexibility while diversifying its investor base, the loan has attracted new lenders from the Middle East, Europe and Asia.
Global coordinators for the three-year syndicated loan include international finance institutions First Abu Dhabi Bank PJSC, Mashreqbank PSC, MUFG Bank and Standard Chartered, while the London Branch of the Commercial Bank of China serves as the China coordinator.
Meanwhile, committed to providing the full amount of the loan under the acquisition facility, the initial mandated lead arrangers include Abu Dhabi Commercial Bank PJSC, Emirates NBD Bank PJSC, Mizuho Bank and Sumitomo Mitsui Banking Corporation as well as the Bank of China and Société Générale S.A.
“The global loan market’s overwhelming interest in Africa’s growth story is evident in the large pool of lenders that supported this syndication, making it AFC’s largest ever,” stated AFC President and CEO Samaila Zubairu.
The debt facility was raised to $1.16 billion from $1 billion after receiving an influx of global investor confidence from international finance institutions. First time lenders to the AFC include Société Générale S.A., Bank Muscat and Intesa Sanpolo Bank Luxembourg S.A.
