International financial institution Africa Finance Corporation (AFC) further enhanced its medium-term Africa-focused funding programme on Thursday by completing a $50-million bilateral loan facility with Rand Merchant Bank (RMB).
The institution said additional borrowing in the international loan markets added to the financings it had already completed with development finance and other commercial institutions and consolidated its position as a destination for crossborder financing in Africa.
AFC president and CEO Andrew Alli said the bilateral facility further consolidated the institution’s international borrowing strategy and demonstrated its growing capacity to raise finance competitively for infrastructure projects within Africa.
RMB investment banking co-head Rob Hamer added that the conclusion of the dollar-term loan facility enabled the bank to successfully implement its strategy to expand its services into Africa and become a financier of African infrastructure, trade and development banks.
AFC focused on proactively developing and financing infrastructure, industrial and financial assets on the continent and was involved as a developer and financier of various infrastructure projects.