(Ecofin Agency) - Nigeria-based pan-African development fund Africa Finance Corporation raised a $140 million loan on the South Korean capital market; the first loan contracted on this market.

This follows a US$233 million and JPY1 billion dual currency Samurai Term Loan Facility closed in September 2019, on the Japanese market.

Commenting on both fundraisings, Samaila Zubairu, President and CEO of AFC, welcomed this “historic milestone with the South Korean debt markets.” According to him, this successful operation “signifies the East’s growing appetite for African investments, which are particularly attractive considering today’s negative-yield environment.”

“We look forward to continued engagement with South Korea as well as the other Asian markets that understand the opportunity that is available through Africa’s unprecedented development,” he added.

This new bond issue in the Asian market brings the total amount of commitments made by investors in this region to $1.2 billion, $300 million of which is from the China Import and Export Bank.

Chamberline Moko