Africa Finance Corporation (AFC) has closed its first $140 million Kimchi term loan facility. The loan facility is AFC’s first Korean instrument.
The closing of Kimchi loan facility, therefore, represents AFC’S success in global investors engagements. This will additionally lead to a large network of investors to diversify its funding sources. It will also allow institutions from around the world to contribute to Africa’s development.
Samalia Zubairu, AFC President and CEO, stated that the closing of the loan facility deal signifies Asia’s growing appetite for African investments. He further expressed his enthusiasm to engage with South Korea and other Asian markets on the opportunities available in Africa.
The loan facility had general syndication on 16th September 2019. The loan agreement was then signed on 14th November 2019.
AFC is an investment grade multilateral finance institution that was established in 2007. It acts as a catalyst for private sector-led infrastructure investments across Africa.
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