AFC raises $150 mil­lion from maiden sukuk to fi­nance in­fra­struc­ture projects

Financial Nigeria Magazine - - Finance -

TThe Africa Fi­nance Cor­po­ra­tion an­nounced last month that it raised $150 mil­lion from its maiden Sukuk is­suance to fi­nance in­fra­struc­ture projects across the con­ti­nent. The La­gos-based mul­ti­lat­eral lender said the Sukuk is­suance helps to di­ver­sify the or­ga­ni­za­tion’s fund­ing sources as it seeks to pro­mote eco­nomic growth in Africa.

“The core val­ues of Is­lamic fi­nance, the need to in­vest eth­i­cally in as­sets that have a tan­gi­ble pos­i­tive so­cial im­pact, made a Sukuk is­suance a nat­u­ral choice for us,” said An­drew Alli, Pres­i­dent and CEO of AFC.

The Sukuk has a three-year tenor and will ma­ture on Jan­uary 24th, 2020. The Sukuk is­suance is the lender’s sec­ond foray into Is­lamic fi­nance. In 2015, the cor­po­ra­tion said it ac­cepted a $50 mil­lion, 15-year fund­ing line from the Is­lamic De­vel­op­ment Bank (IDB), to fi­nance Is­lamic fi­nance­com­pli­ant projects lo­cated across the nu­mer­ous African IDB mem­ber coun­tries.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.