Africa Finance Corporation Mobilizes $300 Million from Indian Banks

Africa Finance Corporation (AFC) has successfully raised $300 million through the Indian debt market, drawing funds from seven prominent Indian banks: State Bank of India, Canara Bank, Bank of India, Indian Bank, UCO Bank, SBI (Mauritius), and Indian Overseas Bank. The financing transaction, overseen by the Bank of Africa as the sole mandated lead arranger and bookrunner, was oversubscribed by 50%, indicating strong investor confidence and interest in Africa-related investments within the Indian financial landscape. AFC intends to utilize the capital to support various development projects across the African continent. This financial movement occurs alongside AFC’s recent re-entry into the global debt capital market with a $500 million bond issuance. Furthermore, Moodys has reaffirmed AFC's A3 credit rating with an outlook adjustment from negative to stable, underscoring the corporation’s robust financial standing.