Active Development AidData Chinese Aid

Bank of China contributes to $400 million syndicated loan to Africa Finance Corporation for on-lending purposes in 2022

$33.33M USD

Funder	Bank of China (BOC)
Recipient Organization	Africa Finance Corporation (AFC)
Country	Africa, regional
Start Date	Jan 18, 2022
End Date	Mar 04, 2030
Duration	2,967 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`102635`

Grant Description

BOC and ICBC contributions to USD $400 million syndicated loan to Africa Finance Corporation for on-lending purposes in 2022 On January 18, 2022, Africa Finance Corporation signed a $400 million syndicated loan agreement with a group of Chinese and non-Chinese banks.

📋 Loan / Grant Terms

💰 Loan Amountcarries a 3-year maturity and an unknown interest rate

📅 Maturity3 years

The borrower is expected to use the proceeds of the loan to support infrastructure projects in Africa.

Absa Bank Limited (acting through its Corporate and Investment Banking division), Bank of China Limited, London Branch, First Abu Dhabi Bank PJSC, ICBC (London) plc, Mashreq Bank PSC, MUFG Bank Ltd, Nedbank Limited, London Branch, Rand Merchant Bank, a division of FirstRand Bank Limited, London Branch, Standard Chartered Bank and SMBC Bank International plc, acted as Bookrunners and Mandated Lead Arrangers (“BMLAs”), whilst Korea Development Bank and Standard Bank of South Africa acted as Mandated Lead Arrangers (“MLAs”).

MUFG Bank Ltd and ICBC (London) plc also acted as Facility Agent and Documentation Agent, respectively.

📋 Staff Comments

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.
The size of Bank of China and ICBC’s contributions to the syndicated loan are unknown. For the time being, AidData assumes equal contributions ($33,333,333) across all 12 known members of the syndicate.

📚 Sources & References

AFC raises $400 million in syndicated loan for critical infrastructure in Africa
AFC raises syndicated loan Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.