Overview

China Eximbank provides $300 million loan to Africa Finance Corporation for general corporate purposes

Commitments (Constant USD, 2023)$301,888,888

Commitment Year•2018Country 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: Oct 1, 2018

Last repayment (originally scheduled): Sep 30, 2023

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)

Loan description

China Eximbank provides $300 million loan to Africa Finance Corporation for general corporate purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In October 2018, China Eximbank and the Africa Finance Corporation (AFC) signed a $300 million loan agreement with two tranches for general corporate purposes: a $200 million tranche with a 5-year maturity and a $100 million tranche (stand-by facility) with a 5-year maturity. According to AFC, the loan facility will provide it with medium-term liquidity and contingent funding support, which is important for liquidity risk management. It will also open up other financing and relationships with Chinese institutions.

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.