spot_img
spot_img
texworld paris
bharat tex 2025
spot_img
Coats Gigital

Africa Finance Corps secures $400 million funding from South Korea and Dubai

Pan-African development financial institution, Africa Finance Corps (AFC) has raised $400 million in funds as its fundraising attracted new lenders from the Middle East and South Korea.

The initial target was $300 million, which was aimed at bolstering its balance sheet, however, it was increased to $400 million as the director of the AFC stated that the corporation may borrow as much as $3 billion this year.

Recall, that the Africa Finance Corporation (AFC) created an independent asset management arm, AFC Capital Partners in September 2021, with a plan to raise a sum of $500 million in one year and $2 billion over the next three years.
According to Banji Fehintola, AFC’s senior director and treasurer, the funding would be diversified to achieve various objectives as the continent needs a lot of resources to recover from the effects of the COVID-19 pandemic. He also stated that some of the money received would be used to settle loans and liabilities.

The loan was secured from a group of 12 banks including Dubai’s Mashreqbank PSC, Korea Development Bank, Absa Group Ltd. of South Africa, Standard Chartered Plc, Bank of China Ltd. In addition to funding, the loan includes a Kimchi Bond, a security sold in foreign currency in the South Korean market.

What you should know about African Finance Corps
African Finance Corp was founded in 2007, with the aim of facilitating infrastructural development all over the continent. It is an independent, majority private-sector owned, multilateral African financial institution providing project structuring expertise and risk capital to address Africa’s pressing infrastructure, capacity and economic development needs.

The corporation currently has 33 African member countries and has disbursed over US$8.7 billion across 35 countries in Africa and in various sectors including Power, Transport, Telecommunications, Heavy Industries and Natural Resources sectors.

Some of its notable works in the continent include building a 385km Bakwena Toll Road in South Africa, facilitating the building Carbon Holding petrochemicals facility in Egypt, and investing in the Gabon Special Economic Zone Company (GSEZ), now called ARISE Ports & Logistics.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img

Related News

Recruitment of Pakistani Workers in Turkey’s Textile Industry: A Strategic Workforce Solution

Turkey’s textile industry has long been a cornerstone of...

Saurer Technologies Twisting Solutions at the Carpet and Flooring Expo 2025

Saurer Technologies Twisting Solutions, a global leader in textile...

SCZONE Signs $38 Million Deal for Textile and Food Projects in Qantara West

The Suez Canal Economic Zone (SCZONE) has signed contracts...

Turkish Textile Sector Considers Shifting Production to Syria

Türkiye’s textile sector is exploring the possibility of relocating...

SCZONE Signs $8.8 Million Deal for Turkish Denim Rise Garment Project

Boosting Bilateral Relations and Economic Growth The Suez Canal Economic...

ITMF Report: Modest Capacity Growth and Decline in Fibre Consumption

International Textile Industry Statistics n°66/2023: Slight capacity growth and...

Turkish Local Textile Industry Facing Challenges in Export Markets

The Turkish textile and ready-to-wear sectors are grappling with...
×