4 UAE banks help raise Dh4.25-billion syndicated loan for Africa

Four UAE banks helped Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, raise a $1.16-billion (Dh4.25-billion) syndicated loan.

In addition to UAE banks, AFC on Tuesday signed a deal with lenders from Europe and Asia.

Leading international financial institutions — including First Abu Dhabi Bank (FAB), Mashreqbank, MUFG Bank and Standard Chartered — acted as global coordinators, with the Industrial and Commercial Bank of China (London Branch) acting as China coordinator.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

Among those who acted as initial mandated lead arrangers and bookrunners were Abu Dhabi Commercial Bank (ADCB), Emirates NBD Bank and Mizuho and Sumitomo Mitsui Banking Corporation.

Additionally, Bank of China and Société Générale S.A acted as initial mandated lead arrangers.

Société Générale, Bank Muscat and Intesa Sanpolo Bank Luxembourg S.A. joined the syndicate as first-time lenders.

Initially launched at $1 billion, the three-year syndicated loan was upsized after being oversubscribed by 49 per cent, underscoring global investor confidence in AFC's creditworthiness and its ability to navigate the current economic landscape marked by evolving global complexities.

Proceeds from the loan will be deployed to advance Africa’s infrastructure gap and unleash the continent’s potential, leading to prosperity for all Africans.

“The global capital market’s overwhelming interest in Africa’s growth story is evident in the large pool of lenders that supported this syndication, making it AFC’s largest ever. This is a significant endorsement of our commitment to ensure that infrastructure projects support local processing and value capture, thereby providing the much-needed impetus to African industrialisation, enhanced export earnings and job creation,” said Samaila Zubairu, president and CEO of AFC.

• UAE banking body lauds ombudsman unit launch