African Export-Import Financial institution (Afreximbank) (www.Afreximbank.com) just lately joined a consortium of economic establishments in London to signal a landmark syndicated time period mortgage facility for Financial institution of Trade (BOI) Nigeria of as much as EUR 2 billion.
Afreximbank, acted as one of many Preliminary Mandated Lead Arrangers, Bookrunner and Facility Agent. The Financial institution disbursed its participation quantity of EUR 175 million in September 2024 in two tranches of EUR 115 million in Tranche A and EUR 60 million underneath Tranche B.
Afreximbank was additionally concerned within the processes resulting in monetary shut and disbursement of as much as EUR 2 billion by all of the lenders, together with the early fowl syndication in August 2024 because the Facility Agent. BOI is anticipated to make use of the proceeds of the power to finance commerce and commerce associated initiatives of eligible corporates in Nigeria.
“This important transaction underscores Afreximbank’s dedication to supporting Nigeria’s financial development,” mentioned Mr. Denys Denya, Senior Government Vice President at Afreximbank. “By actively taking part as lender, bookrunner, and agent, we’re not solely offering essential financing to Financial institution of Trade but in addition facilitating entry to essential sources that may empower Nigerian companies and drive sustainable improvement throughout the nation.”
Dr. Olasupo Olusi, Managing Director of Financial institution of Trade, acknowledged: “This landmark syndicated facility of as much as EUR 2 billion is a testomony to the arrogance world monetary establishments have within the Financial institution of Trade’s observe report and its pivotal function in driving Nigeria’s industrial and financial transformation. We’re notably grateful for Afreximbank’s important participation and unwavering assist each as a lender and facilitator on this transaction. This funding will empower us to additional finance essential initiatives, in the end fostering sustainable development and improvement for corporates throughout Nigeria.”
The power is backed by a primary demand assure and is structured into two tranches. Tranche A is assured 85% by the Africa Finance Company and 15% by the Central Financial institution of Nigeria (CBN) for each principal and curiosity. Tranche B is 100% assured by the AFC for each principal and curiosity. The power has a three-year tenor with quarterly repayments commencing after the primary yr.
Distributed by APO Group on behalf of Afreximbank.
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About Afreximbank:
African Export-Import Financial institution (Afreximbank) is a Pan-African multilateral monetary establishment mandated to finance and promote intra-and extra-African commerce. For 30 years, the Financial institution has been deploying revolutionary constructions to ship financing options that assist the transformation of the construction of Africa’s commerce, accelerating industrialization and intra-regional commerce, thereby boosting financial enlargement in Africa. A stalwart supporter of the African Continental Free Commerce Settlement (AfCFTA), Afreximbank has launched a Pan-African Cost and Settlement System (PAPSS) that was adopted by the African Union (AU) because the fee and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Financial institution is organising a US$10 billion Adjustment Fund to assist international locations successfully taking part within the AfCFTA. On the finish of December 2023, Afreximbank’s complete belongings and contingencies stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has funding grade scores assigned by GCR (worldwide scale) (A), Moody’s (Baa1), Japan Credit score Ranking Company (JCR) (A-) and Fitch (BBB). Afreximbank has advanced into a gaggle entity comprising the Financial institution, its affect fund subsidiary known as the Fund for Export Growth Africa (FEDA), and its insurance coverage administration subsidiary, AfrexInsure (collectively, “the Group”). The Financial institution is headquartered in Cairo, Egypt.
For extra data, go to: www.Afreximbank.com
