Afreximbank bucks COVID-19 to raise over US$1bn in syndicated loan

The African Export-Import Bank (Afreximbank) vaulted market uncertainties caused by COVID-19 pandemic to successfully conclude a dual-currency Syndicated Loan, raising the equivalent of US$907.5 million, comprised of two tranches of US$485 million and EUR390.4 million.

Proceeds will be used for general corporate activities, and will strengthen the Bank’s liquidity position as it implements its US$3 billion Pandemic Trade Impact Mitigation Facility (PATIMFA).

Emirates NBD Capital Limited, MUFG Bank Ltd and Standard Chartered Bank acted as joint Global Coordinators, Initial Mandated Lead Arrangers and Bookrunners for the Facility. MUFG Bank Ltd also acted as Documentation Agent and Standard Chartered Bank as Facility Agent.

Launched on 9 April 2020 to a limited group of relationship banks at an amount of US$600 million equivalent, the facility was more than 50% oversubscribed allowing its increase to US$1.1 billion equivalent with an accordion feature.

Related News

Afreximbank president Benedict Oramah said that the market’s confidence in the Bank, despite the COVID-19 pandemic-induced volatility and uncertainty was a testament to the strength of Afreximbank’s investor relationships.

“The final deal size and the relatively short period over which the funding was raised reflect the high regard and confidence the market has in Afreximbank’s financial strength and its importance to the continent,” he said.

“Afreximbank intends, in due course, to issue additional syndicated loans. The Bank looks forward to the continued support of the loan market at that time,” he added.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.