Afreximbank Signs EUR 2 Billion Syndicated Loan Facility for Bank of Industry Nigeria
African Export-Import Bank (Afreximbank) recently participated in a consortium of financial institutions in London to finalize a groundbreaking syndicated term loan facility for Bank of Industry (BOI) Nigeria, with a total value of up to EUR 2 billion.
In its role as one of the Initial Mandated Lead Arrangers, Bookrunner, and Facility Agent, Afreximbank disbursed EUR 175 million in September 2024, split into two tranches of EUR 115 million (Tranche A) and EUR 60 million (Tranche B). The Bank played a significant role in the financial close and disbursement processes, including an early bird syndication in August 2024 as the Facility Agent. The funds from this facility are intended to support trade and trade-related projects for eligible corporates in Nigeria.
Mr. Denys Denya, Senior Executive Vice President at Afreximbank, emphasized the Bank’s commitment to Nigeria’s economic growth through its active participation in this transaction. Dr. Olasupo Olusi, Managing Director of Bank of Industry, expressed gratitude for the confidence global financial institutions have shown in BOI’s ability to drive Nigeria’s industrial and economic transformation. He also highlighted Afreximbank’s pivotal role as a lender and facilitator in this landmark deal.
The syndicated facility is structured into two tranches, with Tranche A backed by guarantees from the Africa Finance Corporation (85%) and the Central Bank of Nigeria (15%), while Tranche B is 100% guaranteed by the AFC. The loan has a three-year tenor with quarterly repayments starting after the first year.
Afreximbank’s involvement in this transaction underscores its commitment to supporting Africa’s economic development. The Bank has been instrumental in providing innovative financing solutions that promote intra- and extra-African trade, accelerating industrialization and intra-regional trade, and boosting economic expansion across the continent. With total assets and contingencies exceeding US$37.3 billion and shareholder funds of US$6.1 billion, Afreximbank continues to play a vital role in driving Africa’s economic growth.
For more information about Afreximbank and its initiatives, visit www.Afreximbank.com. Follow Afreximbank on social media platforms such as X, Facebook, LinkedIn, and Instagram for the latest updates and news.
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