Finance

Africa: AFC announces a US$2 bln facility to support resilience and recovery

Thursday, 12 May 2022 19:25
Africa: AFC announces a US$2 bln facility to support resilience and recovery

(Ecofin Agency) - The new facility is announced four months after AFC secured a US$400 million syndicated loan to support post-pandemic recovery in Africa. It will provide much-needed liquidity to help financial institutions finance trade and economic activities. 

Africa Finance Corporation (AFC) announced, today, the launch of a US$2 billion facility to support resilience and recovery in Africa. According to an official release, the facility is launched in response to the economic challenges caused by the coronavirus pandemic and the Russia-Ukraine conflict; 50% of the facility will come from the AFC, which expects the remaining 50% from international investors. 

“The COVID-19 pandemic set back Africa’s economic growth trajectory and widened the trade financing gap, while the Russia-Ukraine conflict has added a further set of challenges negatively impacting growth prospects across the continent. We are determined to play a leading role in helping the continent’s recovery and resilience, not only through the work we do in bridging Africa’s infrastructure gap but also through targeted interventions such as this $2billion economic resilience facility,”  said Banji Fehintola (photo), AFC Head of Treasury and Financial Institutions. 

This facility is announced four months after AFC secured a US$400 million 3-year syndicated loan from a dozen banks to support post-pandemic recovery by financing infrastructure projects.  The beneficiary projects were those that would help fill the infrastructure gap accentuated by the coronavirus pandemic on the continent.  

With this new facility, AFC plans to “accelerate its developmental impact in Africa, helping to drive the continent to a new phase of growth that is focused on maximum resource value capture and domestic job creation.” It will do so by granting loans to African commercial, development, and central banks. The terms and conditions of those loans are not disclosed yet but AFC assures the loan will provide the beneficiaries “with much needed hard currency liquidity to finance trade and other economic activities in their jurisdictions.”

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