Le Lézard
Classified in: Covid-19 virus
Subjects: Photo/Multimedia, Funding

Africa Finance Corporation Receives a US$100M Loan From India Exim Bank to Spur Post-Covid Recovery


Africa Finance Corporation (AFC), the leading infrastructure solutions provider on the continent, has received a US$100 million credit line from the Export-Import Bank of India (India Exim Bank) to develop the critical infrastructure required to rebuild Africa's economies in the wake of the Covid-19 pandemic.

Proceeds from the 10-year loan will support AFC's continued mission to bridge Africa's infrastructure gap and drive the sustainable economic growth that's urgently required on the continent. India Exim Bank, the sovereign export credit agency of India, has actively sought opportunities to co-finance projects in Africa through credit lines to support infrastructure development. The AFC draws capital from a diverse range of international investors and lenders as part of its strategy to maintain Africa's second highest investment grade credit ratings.

"As part of our mandate, India Exim Bank continues to foster a network of alliances and institutional linkages with multilateral agencies like Africa Finance Corporation, who have a strong credit profile and are at the forefront of changing the development landscape in Africa," said Harsha Bangari, Deputy Managing Director of India Exim Bank. "We look forward to broadening the relationship between our institutions for the economic benefit of Africa."

India Exim Bank provides credit lines to national governments, regional financial institutions, commercial banks and other overseas entities as part of its strategy to develop global partnerships.

AFC's President and CEO, Samaila Zubairu said, "The Covid-19 pandemic has set back Africa's growth trajectory and compounded its development challenges. We at AFC, continue to execute our mandate to address Africa's infrastructure needs, working with leading development partners such as India Exim Bank. These strategic partnerships help mobilise the urgently needed capital to rebuild Africa post-pandemic, with more resilient and sustainable infrastructure across key sectors including renewable energy, transportation and telecommunications."

In June 2021, Africa Finance Corporation received a boost to its credit ratings from Moody's Investors Service, which raised the outlook on its A3 rating to "stable". The Corporation's unique access to global capital markets, drives development, integrates Africa's economies, and transforms lives on the continent. Ends

About AFC

AFC was established in 2007 to catalyse private sector-led infrastructure investment across Africa. It is the second highest investment grade rated multilateral financial institution in Africa. AFC's approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. The Corporation has invested over US$8.7 billion in projects in 35 countries across Africa since inception.

www.africafc.org

About India Exim Bank

India Exim Bank was set up in 1982 by an Act of Parliament and is fully owned by the Government of India. It is the principal financial institution for coordinating the working of institutions engaged in financing exports and imports. India Exim Bank, has over the years, played a catalytic role in facilitating India's integration with the global economy by promoting, financing and facilitating India's international trade and investment. The Bank's range of programmes have helped Indian enterprises become competitive and develop a global footprint.

www.eximbankindia.in


These press releases may also interest you

at 06:15
CNFinance Holdings Limited ("CNFinance" or the "Company"), a leading home equity loan service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023...

at 06:05
3EO Health, a "Point of Life" diagnostics company focused on the development of high-performing low-cost molecular diagnostics, is excited to announce the next step in their quest to make molecular testing affordable. Today, the company has published...

at 06:05
Zura Bio Limited ("Zura Bio") a clinical-stage immunology company developing novel dual-pathway antibodies for autoimmune and inflammatory diseases, today reported full year 2023 financial results and recent business highlights. The Company has also...

at 06:05
REX American Resources Corporation ("REX" or the "Company") , a leading ethanol production company, today announced financial and operational results for the Company's full year and fiscal fourth quarter 2023. REX American Resources' Q4 and full...

at 03:00
Caledonia Mining Corporation Plc ("Caledonia" or the "Company")  announces its operating and financial results for the year ended December 31, 2023 (the "Year"). Further information on the financial and operating results for the Year and the quarter...

at 00:01
In advance of the upcoming NAB 2024 show, fan-streaming trailblazer Attention Seekers announced that it has selected Eluvio to provide the back-end technology platform for its next-generation Keystream service, a private press streaming service...



News published on and distributed by: