Narrative
Full Description
Project narrative
On January 18, 2022, Africa Finance Corporation signed a $400 million syndicated loan agreement with a group of Chinese and non-Chinese banks. The loan carries a 3-year maturity and an unknown interest rate. The borrower is expected to use the proceeds of the loan to support infrastructure projects in Africa. Absa Bank Limited (acting through its Corporate and Investment Banking division), Bank of China Limited, London Branch, First Abu Dhabi Bank PJSC, ICBC (London) plc, Mashreq Bank PSC, MUFG Bank Ltd, Nedbank Limited, London Branch, Rand Merchant Bank, a division of FirstRand Bank Limited, London Branch, Standard Chartered Bank and SMBC Bank International plc, acted as Bookrunners and Mandated Lead Arrangers (“BMLAs”), whilst Korea Development Bank and Standard Bank of South Africa acted as Mandated Lead Arrangers (“MLAs”). MUFG Bank Ltd and ICBC (London) plc also acted as Facility Agent and Documentation Agent, respectively.
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. 2. The size of Bank of China and ICBC’s contributions to the syndicated loan are unknown. For the time being, AidData assumes equal contributions ($33,333,333) across all 12 known members of the syndicate.