AFC Secures $100 million OPIC and JP Morgan Loan
October 23, 2014
(OPIC)
Lagos, Nigeria - The Africa Finance Corporation (AFC) has secured a US$ 100
million long term loan facility from the United States of America (US)
Government’s development finance institution, Overseas Private Investment
Corporation (OPIC), J.P. Morgan’s Corporate & Investment Bank. US$75 million
of the facility amount will be provided by OPIC while the remaining US$25
million will be provided by JP Morgan. The facility is intended to further
deepen AFC’s resources to support infrastructure development on the African
continent.
Elizabeth Littlefield, OPIC’s President and CEO said, “When effective financial
leadership catalyzes investment to create significant development impact, we in
the DFI community take notice. Recognition for AFC’s work has been growing as
they spur private sector investment in African power and infrastructure
projects. OPIC’s support is an indication that we share AFC’s goals to draw
additional investor focus to development in Africa. Public resources alone
cannot meet the demands in Africa’s power generation and infrastructure sectors.
We must engage the private sector. OPIC is enthusiastic about joining forces
with J.P. Morgan and AFC to provide tailored financing to the development of
these much-needed and highly impactful infrastructure projects.”
Andrew Alli, AFC President and CEO said, “We are delighted with OPIC’s and JP
Morgan’s show of faith in the AFC business model and support for our commitment
to providing an African led, private sector driven contribution to bridging
Africa’s infrastructure divide. Over the last 18 months we have established
financing partnerships with a broad range of DFI and private sector partners,
with credit facilities in excess of US$850 million. With an investment deficit
of over US$40 billion per annum over the next ten years a co-ordinated approach
based on strong private and public sector partnerships is vital. AFC has
established a world class team of African infrastructure and investment
professionals to support the project development, deal structuring and early
stage investment that are critical to delivering bankable projects. We will
leverage OPIC’s and JP Morgan’s support to further the development of our
infrastructure portfolio across Africa.”
Marc Hussey, Managing Director and J. P. Morgan’s joint Senior Country Officer
for Sub-Saharan Africa commented, “We are honoured to be the first U.S. private
sector financial institution to provide a co-financing structure with OPIC to
the AFC. This is a great opportunity to continue to support and contribute to
sustainable economic development on the African continent."
AFC is an African-led investment grade rated multilateral development finance
institution, established in 2007, to be the catalyst for private sector
infrastructure investment across Africa by proactively developing and financing
infrastructure, industrial and financial assets. AFC fills a critical void in
providing project structuring expertise and risk capital to address Africa’s
infrastructure development needs, and is increasingly being seen as the
benchmark institution for private sector investment in the core infrastructure
sectors of power, natural resources, heavy industry, transport, and
telecommunications. Over the last six years AFC have financed investments of
approximately US$1.9 billion across the continent.
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