Africa Finance Corporation Continues Expansion into Asia with US$140 million Kimchi Term Loan Facility

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Africa Finance Corporation Continues Expansion into Asia with US$140 million Kimchi Term Loan Facility

Africa Finance Corporation ("AFC" or the "Organization"), the leading investment grade infrastructure supplier, today announces the closing of its debut US$140,000,000 Kimchi Term Loan ("Facility").

This Facility is AFC's first Korean-centered instrument. It pursues the Corporation's US$233 million and JPY1 billion double dual Samurai Term Loan Facility, closed in September 2019, and a US$300 million Loan Facility, through the Export-Import Bank of China. This is in addition to Asian financial specialists' acquisition of 28% and 16% of AFC's US$500 million and US$650 million Eurobond issuances, individually, this year. Aggregately, late Asian ventures (from China, Hong Kong SAR, Singapore, Malaysia, and Taiwan) into AFC have come to around US$1.2 billion equal.

The end of the Kimchi Loan Facility, and all other Asian interests in AFC, represents the Corporation's achievement in worldwide speculator commitment and is a significant advance as it constructs a wide alliance of financial specialists to expand its subsidizing sources while additionally permitting establishments from around the world to take an interest in Africa's improvement. Continues from the Kimchi Term Loan Facility will be utilized for general corporate purposes as per AFC's Establishment Agreement and the Charter.

Samaila Zubairu, President and CEO of AFC, remarked: "We are satisfied to have accomplished this notable achievement with the South Korean obligation markets, which we know to have exceptionally particular speculation criteria, as was confirm through this Kimchi Loan Facility. The achievement, close on the impact points of the Samurai Loan Facility in Japan, means the East's developing craving for African ventures, which are especially alluring thinking about the present negative-yield condition. We anticipate proceeded with commitment with South Korea just as the other Asian markets that comprehend the open door that is accessible through Africa's remarkable improvement."

Banji Fehintola, Senior Director and Treasurer of AFC, included: "At AFC, we have constantly taken an assorted and forward-looking way to deal with financing. Asia is a significant area for us and the interest of Asian financial specialists in our bond issuances has been developing altogether after some time. The Kimchi and Samurai Loan Facilities that we shut for the current year further embody AFC's wide market access and development in activating worldwide funding to execute extends and change the lives of individuals in Africa. We are pleased with our triumphs in Asia and we anticipate extending our associations in the region."

Shinhan Bank London Branch and South Africa's Nedbank Limited, London Branch went about as Bookrunner and Mandated Lead Arrangers, KEB Hana Bank went about as Mandated Lead Arranger, NongHyup Bank was Lead Arranger, and First Abu Dhabi Bank PJSC was the Agent.