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