China Eximbank provides $300 million loan to Africa Finance Corporation for general corporate purposes
Commitment amount
$ 326954924.363603
Adjusted commitment amount
$ 326954924.36
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Africa, regional
Sector
General budget support (Code: 510)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
No
Category
Project lifecycle
Description
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.
Additional details
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.
Number of official sources
1
Number of total sources
2
Details
Cofinanced
No
Direct receiving agencies [Type]
Africa Finance Corporation [Intergovernmental Organization]
Loan Details
Maturity
5 years