Africa Financial Corporation (AFC), the Nigeria-headquartered mulitalteral financial insitution announced on Friday that it has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to deepen collaboration in financing strategic infrastructure and trade projects across Africa.

The partnership will focus on financing trade and investment projects in clean energy, transportation, telecommunications, and climate change mitigation sectors and facilitating knowledge exchange and collaboration on best practices in project structuring and risk management.

To date, AFC has secured a total of $700 million in financing from CEXIM, including a $300 million facility in 2018 and another $400 million loan in 2023.

AFC has been steadily expanding its presence in the Chinese financial markets securing an AAA domestic credit rating from China Chengxin International Credit Rating Co. Ltd (CCXI) and an AAAspc issuer credit rating from S&P Ratings (China) Co., Ltd. 

Last year, it also finalised a $1.16 billion syndicated loan, co-led by the Bank of China and the Industrial and Commercial Bank of China (ICBC) London Branch.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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