African Finance Corp receives $389m Samurai loan to expand funding sources

AFC plans to tap investors to diversify its funding sources to include more institutional capital from Asia and existing partners in Europe and North America, Banji Fehintola, the corporation's treasurer said in a statement.
The three-year loan was split into $382m and JPY ¥1bn, Fehintola said, adding the AFC raised a maiden Samurai loan in 2019 when it raised $233m and JPY1bn.
Asia is key to Africa's next phase of growth, Fehintola said, adding that Japan recently pledged $30bn over the next three-years for sustainable development on the continent, as it shifts focus from giving aid to increasing investment.
Established in 2007 by West African states including Nigeria and Ghana to invest in African infrastructure projects, AFC has invested over $10bn in over a decade in projects across 35 African countries.
Source: Reuters

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/

Related
Nigeria, Brazil sign $1bn deal to boost agriculture and food security 26 Jun 2025 Why Meta is in trouble in Nigeria and what this means for Facebook, Instagram and WhatsApp users 23 May 2025 Adetutu Laditan's mission to position the African creator 13 Mar 2025 #InternationalWomensDay2025: Sinmisola Hughes-Obisesan - A visionary driving Africa's creative future 7 Mar 2025 African online retailer Jumia sees growth despite Chinese competition 25 Feb 2025 #WorldRadioDay: Why radio is still a hit maker 13 Feb 2025