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ICBC contributes to $625 million syndicated loan to Africa Finance Corporation for on-lending purposes in May 2023 (Linked to Record ID#108519)
| Funder | ICBC (London) PLC |
|---|---|
| Recipient Organization | Africa Finance Corporation (AFC) |
| Country | Africa, regional |
| Start Date | May 01, 2023 |
| End Date | Jun 29, 2031 |
| Duration | 2,981 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 108520 |
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 ICBC’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.
All Grantees
Africa Finance Corporation (AFC)
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