Africa Finance Corporation (AFC) has mandated five international banks to arrange a $150 million loan, Reuters reported on February 8 citing sources close to the case. The mandated banks are Bank of Tokyo-Mitsubishi UFJ, Citibank, Emirates NBD, JP Morgan and Standard Chartered Bank.

The loan is to be used for the general corporate purposes of the financier of development projects including infrastructure and heavy industry, sources cited by Reuters revealed.

AFC was established in 2007 with an initial capital of $1.1 billion. Its main purpose is to attract investment in the African infrastructure sector. Its shareholders are Central Bank of Nigeria (42.5%), commercial banks such as Ecobank, United bank of Africa (47.6%) and other investors (9.8%).

As at now, the institution has totalized more than $2.5 billion of investments in Africa.