Serrari Group

Africa Finance Corporation (AFC) has announced the successful closure of a significant syndicated loan facility worth $1.16 billion. Initially set at $1 billion, the offering saw an impressive oversubscription rate of 49%, reflecting strong investor interest in AFC’s mission to address Africa’s infrastructure deficit.

The increased facility size underscores AFC’s commitment to accelerating sustainable solutions aimed at bridging Africa’s infrastructure gap. With a track record of investing $13 billion across the continent, AFC’s President & CEO, Samaila Zubairu, hailed this as the institution’s largest-ever syndicated loan.

The syndicated loan attracted participation from a diverse range of financial institutions, including lead arrangers and bookrunners such as Abu Dhabi Commercial Bank, Emirates NBD Bank, Mizuho, and Sumitomo Mitsui Banking Corporation. Notably, Bank of China and Société Générale S.A. played crucial roles as lead arrangers.

Additionally, esteemed institutions such as Société Générale, Bank Muscat, and Intesa Sanpolo Bank Luxembourg S.A. joined the syndicate as first-time lenders, signaling growing support for AFC’s initiatives.

Zubairu emphasized the importance of the syndicated loan in driving local processing and value capture within infrastructure projects, thereby fostering African industrialization, enhancing export earnings, and creating job opportunities.

The successful closure of this syndicated loan reaffirms AFC’s commitment to sustainable growth and marks a significant step forward in addressing Africa’s infrastructure challenges. With renewed capital and a steadfast vision, AFC is poised to lead transformative projects that will shape the continent’s future landscape.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

27th March, 2024

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