Logistics parks and facilities company DP World has concluded a $365.1-million facility agreement with financial services firm Standard Bank to support its logistics and market access expansion across the sub-Saharan Africa region.
The agreement gives DP World access to a multi-product, multi-jurisdiction and multi-currency facility designed to support its general banking and term-funding requirements across all sub-Saharan Africa markets where DP World and Standard Bank have an overlapping presence.
“We are confident that this facility will be a game-changer for our logistics and market access growth ambitions in sub-Saharan Africa. We have once again chosen to partner with Standard Bank owing to the bank’s ability to provide seamless access to liquidity and financing solutions across the continent, which aligns with DP World’s ambition of driving more efficient and sustainable trade across the region,” said DP World sub-Saharan Africa CEO and MD Mohammed Akoojee.
In May, DP World announced its trade finance partnership with Standard Bank to help close the gap in unmet demand for working capital on the continent by providing African companies that are looking for trade finance with the ability to seamlessly access working capital from Standard Bank via the DP World Trade Finance platform.
“We are proud to be the coordinators and lenders of this market-leading facility, which demonstrates our commitment and our strength in Africa. The multi-currency facility is split between our transactional banking and investment banking products, with $150-million allocated to a general banking MCF, which will consist of working capital, trade finance, documentary credit and other general banking solutions and $215.1-million allocated to term debt financing,” said Standard Bank corporate and investment banking CEO Kenny Fihla.