African Finance Corp Receives $389 Million Samurai Loan To Expand Funding Sources
- Established in 2007 by West African states including Nigeria and Ghana to invest in African infrastructure projects, AFC has invested over $10 billion in over a decade in projects across 35 African countries.
The Africa Finance Corporation (AFC) has received a total of $389 million in a dual currency Samurai term loan to diversify funding sources and build infrastructure, the Lagos-based financier said on Tuesday.
AFC plans to tap investors to diversify its funding sources to include more institutional capital from Asia and existing partners in Europe and North America, Banji Fehintola, the corporation’s treasurer said in a statement.
The three-year loan was split into $382 million and JPY ¥1 billion, Fehintola said, adding the AFC raised a maiden Samurai loan in 2019 when it raised $233 million and JPY 1 billion.
Asia is key to Africa’s next phase of growth, Fehintola said, adding that Japan recently pledged $30 billion over the next three-years for sustainable development on the continent, as it shifts focus from giving aid to increasing investment.
Established in 2007 by West African states including Nigeria and Ghana to invest in African infrastructure projects, AFC has invested over $10 billion in over a decade in projects across 35 African countries.
