Africa Finance Corporation (AFC) today signed its first transaction in Cote d’Ivoire - a USD320 million syndicated trade finance facility to finance the importation, processing and refining of crude oil by Societe Ivoirienne de Raffinage (SIR) - Cote d ‘Ivoire, Sub-Saharan Africa’s largest exporter of refined oil products.
AFC’s participation of USD100m in the USD320 million facility, was completed in partnership with two other financial institutions: the African Export-Import Bank (Afreximbank), and Banque Internationale pour l' Afrique Occidentale - Cote d'Ivoire (BIAO-CI). The transaction is AFC’s first in Cote d’ Ivoire, partnering with African lenders to provide much needed financial support to the Ivorian economy.
AFC is a hybrid international investment bank and Infrastructure Development Finance Institution established in 2007 as an African-owned and private sector led financial institution with the mission to improve African economies by proactively creating, acquiring, financing and managing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure in Africa.
Afreximbank headquartered in Cairo, Egypt, was established in 1993 by African governments, African private and institutional investors, and, non African investors, for the purposes of financing and promoting intra and extra African trade.
BIAO-CI with an asset size of USD809 million is Cote d’Ivoire’s third largest commercial bank.
Mr Andrew Alli, President and Chief Executive Officer AFC, said “AFC’s first transaction in Cote d ‘Ivoire demonstrates its commitment to invest across all geographies on the continent, leveraging on results oriented Pan-African partnerships to deliver profitable economic growth”.
Mr. Jean-Louis Ekra, President of Afreximbank, commented “This facility provision for SIR involving Afreximbank and AFC, underscores our strategic focus of partnering with other African Financial Institutions to provide trade finance support to African companies, and reinforces our sustained expansion of trade finance activities across Africa”.