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Afreximbank raises $1.2 billion in boost to African trade post-Covid
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The proceeds from the facility are earmarked for refinancing existing facilities and general corporate purposes.
African Export Import Bank (Afreximbank), a Pan-African multilateral financial institution that finances and promotes intra- and extra-African trade, has raised $1.2 billion through a 3-year Syndicated Term Loan Facility with South Africa’s RMB acting as global coordinator, bookrunner and mandated lead arranger.
The proceeds from the facility are earmarked for refinancing existing facilities and general corporate purposes.
Launched to a limited group of relationship banks at a launch amount of $600 million equivalent, the facility was more than 2.3x oversubscribed, allowing Afreximbank to subsequently upsize the amount to $1.2 billion while also scaling back the banks on the deal.
RMB also worked with First Abu Dhabi Bank PJSC and Standard Chartered Bank as joint global coordinators, bookrunners and mandated lead arrangers on the facility.
This successful transaction, launched against the backdrop of volatility that resulted from the announcement of the Omicron variant of COVID-19, is testament to the strength of Afreximbank’s investor relationships and the high regard and confidence that the market has for the Bank’s financial strength, and its importance to the continent, RMB said in a statement sent to Financial Nigeria.
Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$7.5 billion to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic.
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