Africa Finance Corporation (AFC), an African-led international financial institution, completed its debut borrowing, a US$50m bilateral loan facility with Standard Bank. This marks AFC’s initial step in leveraging its balance sheet to invest in and support the development of critical infrastructure in the power, natural resources, transport, heavy industry and telecommunications sectors.
Standard Bank was the sole arranger, lender and agent of the facility.
Andrew Alli, chief executive officer (CEO) and president of AFC, said: “All financial institutions need to leverage their balance sheets in order to have access to the necessary liquidity to fund the assets they create. This bilateral facility with Standard Bank marks the launch of AFC’s international borrowing strategy. We are pleased that our maiden borrowing is with Standard Bank whom we expect to continue to work with closely. This loan demonstrates the strengthening financial capacity of the continent and the close intra-African ties that are being developed. We expect to continue to develop our funding program by working with institutions such as Standard Bank, as well as by tapping the debt capital markets.”
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