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Afreximbank Secures $300m China Exim-backed Loan
Afreximbank Secures $300m
The African Export-Import Bank says it has closed its first-ever China/Taiwan specific syndicated loan with a 300 million dollar facility guaranteed by the Export-Import Bank of China (China Exim Bank).
Afreximbank said this in a statement on Monday.
Denys Denya, the bank’s Executive Vice President for Finance, Administration and Banking Services, said the five-year syndicated loan, which closed on September 12, was only opened to investors from China and Taiwan.
“This syndicated facility helps position Afreximbank to strengthen its role in the development of trade between Africa and the rest of the world, in particular China and the rest of the Far East.
He said the facility, which had Standard Chartered Bank as the sole coordinator, book runner, and mandated lead arranger, was two times oversubscribed with 16 investors and participating banks.
Denya said the facility would help the bank achieve its liability management objective of reducing the cost of funds and diversifying its liability book by geography, investor type and tenor.
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