(Ecofin Agency) - Africa Finance Corporation (AFC), a pan-African Multilateral Development Financial Institution based in Lagos, Nigeria, has raised $150 million through a samurai syndicated loan, which is a loan on the Japanese capital market and complies with Japanese financial regulations.
The 3-year maturity facility consists of two tranches, one denominated in US dollar and the second in Japanese yen. Mitsubishi Finance Group and Sumitomo Mitsui Banking Corporation acted as arrangers and underwriters of this transaction, which according to the AFC, was significantly oversubscribed.
This brings to $800 million the amount of funding already raised this year by the AFC. “Since joining AFC, one of my main goals has been to build a broad coalition of international investors. Securing this loan facility brings us one step closer,” said Samalai Zubairu, the institution's CEO.
AFC invests in high-quality infrastructure projects that provide essential services in sectors such as energy, natural resources, heavy industry, transportation and telecommunications. To date, the institution said it has invested more than $4.5 billion in 29 African countries.