Africa Finance Corporation has invited banks to participate in providing it with a $150 million, two-year loan according to Reuters.
AFC’s mission to help address Africa’s infrastructure development needs while seeking a competitive return on capital for its shareholders. The Lagos-based institution, as a membership comprising of nine mostly West African countries including Nigeria and Ghana, with the Central bank of Nigeria owning 42.5% of its shares, 47.6% owned by other African financial institutions, and 9.8% owned by several industrial and corporate shareholders.
Four banks; Bank of Tokyo-Mitsubishi UFJ, Citibank, Emirates NBD, JP Morgan and Standard Chartered have been mandated to arrange the loan according to sources interviewed by Reuters.
The bank, however did not confirm details for the loan, and only revealed that it would use the proceeds of the loan for general corporate purposes in accordance with its charter.
Reuters originally reported this article