Africa Fi­nance Cor­po­ra­tion ar­ranges $663m fi­nanc­ing for Côte d’ivoire re­fin­ery

The East African - - MARKETS -

The Africa Fi­nance Cor­po­ra­tion (AFC) has ar­ranged for $663 mil­lion debt fi­nanc­ing for Côte d’ivoire’s re­fin­ery So­ciété Ivoiri­enne de Raf­fi­nage, with AFC’S own fi­nanc­ing be­ing $220 mil­lion. The other par­tic­i­pat­ing banks are Deutsche Bank, ICBC Stan­dard Bank, United Bank for Africa, NSIA Bank and Bridge Bank Group. The re­fin­ery has an in­stalled ca­pac­ity of 3.8 mil­lion tonnes per an­num and is the largest and most so­phis­ti­cated op­er­a­tional re­fin­ery in West Africa. The pur­pose of the loan is to re­pay his­tor­i­cal obli­ga­tions on crude sup­ply, pro­vide a long tenured facility, and re­duce the in­ter­est rate on the re­fin­ery’s stock of debt. It is ex­pected to free up re­sources to en­able the re­fin­ery to make in­vest­ments in its cur­rent op­er­a­tions, and up­grade its facility and pro­duc­tion pro­cesses.

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