Active Mixed AidData Chinese Aid

China CITIC Bank Corporation contributes to $625 million syndicated loan to Africa Finance Corporation for on-lending purposes in May 2023 (Linked to Record ID#108520)

$44.64M USD

Funder	China CITIC Bank Corporation Limited
Recipient Organization	Africa Finance Corporation (AFC)
Country	Africa, regional
Start Date	May 01, 2023
End Date	Feb 09, 2026
Duration	1,015 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`108519`

Grant Description

China CITIC Bank and ICBC contributions to USD 625 million syndicated loan to Africa Finance Corporation for on-lending purposes in May 2023 In May 2023, Africa Finance Corporation signed a $625 million syndicated loan agreement with First Abu Dhabi Bank PJSC, FirstRand Bank Limited (London Branch), ICBC (London) Plc., Mashreqbank PSC, MUFG Bank, Ltd., Standard Chartered Bank, SMBC Bank International Plc., Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank, The Gunma Bank Limited and Industrial Bank of Korea Limited for on-lending purposes.

First Abu Dhabi Bank PJSC, FirstRand Bank Limited (London Branch), ICBC (London) Plc., Mashreqbank PSC (acted as agent), MUFG Bank, Ltd., Standard Chartered Bank, and SMBC Bank International Plc. acted as Mandated Lead Arrangers and Bookrunners. The loan carried a 3-year maturity. Its other borrowing terms are unknown.

The loan received strong demand and a 62% oversubscription resulting in the loan being upsized from an initial US$500 million.

📋 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 precise monetary value of China CITIC Bank Corporation’s contribution to the syndicate is unknown. For the time being, AidData assumes equal contributions ($44,642,857) across the 14 known members of the syndicate. This issue warrants further investigation

📚 Sources & References

Africa Finance Corporation Annual Report 2023
Africa Finance Corp Investor Pres 5-22-24
Debt- Performance track record
Prospectus: AFRICA FINANCE CORPORATION U.S.$5,000,000,000 Global Medium Term Note Programme
AFC secures US$625 million Syndicated Loan with New Lenders from Middle East and Asia
AFC Receives Top Accolades at EMEA Finance Achievement Awards 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.