Overview

China Eximbank provides $300 million export buyer's credit to Africa Finance Corporation for on-lending purposes in 2023 (Linked to Record ID#89501)

Commitments (Constant USD, 2023)$300,000,000

Commitment Year•2023Country of Activity•Africa, regionalDirect Recipient Country of Incorporation•Africa, regionalSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 26, 2023

Last repayment (originally scheduled): Sep 25, 2026

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Intergovernmental Organizations

Africa Finance Corporation (AFC)

Implementing agencies

Intergovernmental Organizations

Africa Finance Corporation (AFC)

Loan description

China Eximbank provides $300 million export buyer's credit to Africa Finance Corporation for on-lending purposes in 2023

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On September 26, 2023, China Eximbank and Africa Finance Corporation signed a $300 million export buyer's credit facility agreement to support trade finance and investment in Africa, further facilitating the flow of goods and services between Africa and China. The loan carries a 3-year maturity and an unknown interest rate. The agreement was signed on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual Meeting in Sharm El-Sheikh, Egypt. This loan was also to refinance the 2018 U.S. $300 million five-year facility captured in Record ID#89501.

Staff comments

1. Africa Finance Corporation is a pan-African Multilateral Development Financial Institution established in 2007 by sovereign African states to provide pragmatic solutions to Africa's infrastructure deficit and challenging operating environment.