AFC Wins the “Innovation of the Year – MENA” Award at the IJGlobal Awards Ceremony 2023
Dubai, 29 April 2024: Africa Finance Corporation (AFC), the continent’s leading instrumental infrastructure solutions provider, has received the Innovation of the Year (MENA) award for its JPY 75 billion Samurai Bond Guarantee to the Arab Republic of Egypt, at the just concluded 2023 Infrastructure Journal Global (IJGlobal) Awards Gala in Dubai. The IJGlobal Awards serve as a distinguished platform for recognising industry leaders and innovators who play a pivotal role in shaping the global infrastructure and energy landscape.
Winning this accolade demonstrates the strong partnership AFC offers to its member states and African sovereigns as they pursue strategic investments to achieve sustainable economic growth. The JPY 75 billion Samurai Bond Guarantee for which AFC was awarded, was backed by Sumitomo Mitsui Banking Corporation, with AFC providing a full re-guarantee, and SMBC Nikko serving as the Sole Lead Arranger for the transaction. The bond issuance enabled the Arab Republic Egypt to tap into the international debt capital markets, providing funding access to the issuer despite very challenging global economic landscape marked by significant inflationary pressures and geopolitical tensions.
Egypt became an AFC member country in 2021 and a shareholder of the Corporation the following year. AFC prioritises its engagements with member countries through enhanced investments, access to AFC’s innovative financial solutions, lower project financing costs, and access to AFC’s advisory and project development services. It also facilitates debt mobilization and deeper access to capital markets by providing credit enhancements through the Corporation’s strong credit rating, broad partner network, and preferred creditor status.
Commenting on the awards, AFC’s Senior Director & Head of Treasury & Financial Institutions, Banji Fehintola said, "We are humbled to add yet another feather to AFC’s cap of global awards and recognitions. This award is testament to our commitment to providing pragmatic financing solutions that help African sovereigns access funding economically to support their significant development and fiscal needs and we are very proud to receive this honour.”
AFC's exceptional performance in the global capital markets is underscored by the successful execution of strategic funding transactions over the past year. Most recently, AFC successfully closed its largest ever debt facility, a US$1.16 billion syndicated loan, attracting new lenders from the Middle East, Europe, and Asia. Other noteworthy achievements include securing a US$625 million syndicated loan from a consortium of lenders, entering into a EUR50 million loan facility agreement with Italy's Cassa Depositi e Prestiti SpA (CDP), establishing a US$350 million long-term line of credit with the African Development Bank (AfDB) and receiving a US$400 million from the Exim Bank of China.
About AFC
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.
Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org