Africa Finance Corporation raised $1.5 billion through a syndicate of commercial banks to invest in its general portfolio, marking its largest-ever facility.
The Lagos-headquartered infrastructure bank mobilizes finance for major projects such as the Kamoa-Kakula Copper Complex in DR Congo. It lists China’s Bank of Communications, Kuwait’s Burgan Bank, Export Development Bank of Egypt, and Hua Nan Commercial Bank in Hong Kong among the firms that participated in raising the loan, which surpassed an initial goal of $1.3 billion.
The AFC said more than $14 billion has been raised for projects that it has been part of since its founding in 2007, which have helped to create 7 million jobs.