Finance

Africa Finance Corporation secures record $1.16bn syndicated loan for infrastructure investment

Africa Finance Corporation secures record $1.16bn syndicated loan for infrastructure investment
Wednesday, 27 March 2024 08:57

The Africa Finance Corporation (AFC), in a statement released on Tuesday announced the closure of a record-breaking syndicated loan amounting to $1.16 billion, sourced from a variety of banks across Asia, the Middle East, and Europe. Initially set at $1 billion, the loan experienced a 49% oversubscription, reflecting the international investors' confidence in AFC's creditworthiness and ability to navigate the ever-evolving global economic landscape.

Leading international financial institutions including First Abu Dhabi Bank, Mashreqbank, MUFG Bank, and Standard Chartered Bank collectively coordinated the transaction on the global front, while the Industrial and Commercial Bank of China served as the coordinator for China. Also, Abu Dhabi Commercial Bank, Emirates NBD Bank, Mizuho, and Sumitomo Mitsui Banking Corporation acted as bookrunners and arrangers.

Furthermore, the Bank of China and Société Générale were the initial mandated lead arrangers, marking a significant milestone as financial entities such as Société Générale Group, Bank Muscat (Sultanate of Oman), and Intesa Sanpolo Bank Luxembourg participated in funding AFC for the first time.

Established in 2007 with an initial capital of $1.1 billion, the AFC aims to catalyze infrastructure investments across Africa. Its leading shareholders include the African Reinsurance Corporation, the African Development Bank (AfDB), and pan-African banking groups Ecobank and United Bank for Africa (UBA). With 43 member countries, the corporation boasts over $13 billion in investments throughout the continent, emphasizing its pivotal role in fostering infrastructure development in Africa.

On the same topic
WAEMU states collectively raised nearly 7,000 billion CFA francs in the first half of 2025, a record amount driven by increased financing needs, the...
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0.6% in May, bolstered by a decline in food costs. •...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its main policy rate to 3.25% following a sharp drop in...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 million to $1 billion in annual market...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
03

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
04

• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...

William Ruto in London: New Agreement Aims to Double Kenya-UK Trade by 2030
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.