AFC Launches $2bn Facility For Economic Recovery, Resilience In Africa

AFC Launches $2bn Facility For Economic Recovery, Resilience In Africa

Africa Finance Corporation (AFC) has announced the launch of a US$2 billion facility to support bank-driven economic recovery in Africa, and the resilience of African economies. The pan-Africa development finance institution said it is committed to funding up to 50% of the facility and mobilizing the rest through its network of international partners and investors.

The facility, dubbed “African Economic Resilience”, will be disbursed via loans from AFC to select commercial banks, regional development banks and central banks in various African countries, providing them with hard currency liquidity to finance trade and other economic activities in their various jurisdictions.

Over the last 15 years, AFC has built experience mobilizing global capital for critical infrastructure projects in Africa with several bond issuances in the last two years, including a 10-year US$500 million Eurobond in 2019, a 5-year US$700 million Eurobond in 2020 and a 7-year $750million Eurobond at its lowest yield in 2021. Recently, an independent asset management arm, AFC Capital Partners was established with plans to raise US$2 billion to fund climate adaptation infrastructure projects in Africa.

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