Four #UAE banks help raise $1.15bln syndicated loan for Africa

Four UAE banks help raise $1.15bln syndicated loan for Africa

Four UAE banks helped Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, raise a $1.16-billion (Dh4.25-billion) syndicated loan.

In addition to UAE banks, AFC on Tuesday signed a deal with lenders from Europe and Asia.

Leading international financial institutions — including First Abu Dhabi Bank (FAB), Mashreqbank, MUFG Bank and Standard Chartered — acted as global coordinators, with the Industrial and Commercial Bank of China (London Branch) acting as China coordinator.

Among those who acted as initial mandated lead arrangers and bookrunners were Abu Dhabi Commercial Bank (ADCB), Emirates NBD Bank and Mizuho and Sumitomo Mitsui Banking Corporation.

Additionally, Bank of China and Société Générale S.A acted as initial mandated lead arrangers.

Société Générale, Bank Muscat and Intesa Sanpolo Bank Luxembourg S.A. joined the syndicate as first-time lenders.

Initially launched at $1 billion, the three-year syndicated loan was upsized after being oversubscribed by 49 per cent, underscoring global investor confidence in AFC's creditworthiness and its ability to navigate the current economic landscape marked by evolving global complexities.