Africa Growing Together Fund provides EUR 7.5 million loan to Amen Bank for on-lending purposes (Linked to Umbrella Record ID#36104)

Project narrative

On May 22, 2014, the African Development Bank (AfDB) and the People's Bank of China (PBOC) signed an agreement for the Africa Growing Together Fund (AGTF) (see Umbrella Record ID#36104). The purpose of this $2 billion loan facility was to finance large development projects in Africa between 2014 and 2024. The AGTF is sponsored by the PBOC and the administered by AfDB. Then, on December 11, 2019, AGTF signed an EUR 7.5 million loan agreement (ID#5050130000401) with Amen Bank for on-lending purposes. On the same day, the African Development Bank (AfDB) issued an EUR 50 million loan (ID#2000130020581) to Amen Bank for on-lending purposes. The borrowing terms of the AGTF loan included a 3.5-year maturity, an 3-year grace period, and an unknown interest rate. The purpose of the project is to facilitate on-lending to small and medium-sized enterprises (SMEs) and corporates in key sectors of Tunisia’s economy.