AFC Secures US$625 Million Syndicated Loan Funding with New Lenders from Middle East and Asia

Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has successfully secured a syndicated loan worth US$625 million from new lenders in the Middle East and Asia. Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank, and Industrial Bank of Korea Limited have joined AFC as first-time lenders, strengthening the corporation’s investor coalition and expanding its access to global capital markets.

This funding, which exceeded the initial target of US$500 million due to strong investor demand, demonstrates AFC’s resilience and exceptional creditworthiness in a challenging macroeconomic environment characterized by rising interest rates, tighter financial conditions, capital outflows, and a stronger US dollar.

Banji Fehintola, Senior Director and Treasurer of AFC, expressed confidence in the corporation’s ability to tap into global financial markets despite adverse conditions, highlighting investor trust in AFC’s strong credit risk profile and growing global appeal. The raised funds will support AFC in its mission to drive economic growth and rapid industrialization across Africa while maximizing value creation from the continent’s abundant resources.

First Abu Dhabi Bank PJSC, FirstRand Bank Limited (London Branch), ICBC (London) Plc., Mashreqbank PSC (acting as agent), MUFG Bank, Ltd., Standard Chartered Bank, and SMBC Bank International Plc. acted as Mandated Lead Arrangers and Bookrunners for this three-year syndicated loan.

With a presence in 40 member countries across Africa and a pipeline of projects focusing on positive social and environmental impact, AFC has recorded impressive performance in its latest financial year. Total assets grew by 23% to reach US$10.5 billion, and the corporation achieved its five-year growth target a year ahead of schedule. AFC also expanded its bilateral relationships in the international loan market, securing over US$1.5 billion in net borrowings in FY2022 to diversify its funding sources.

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