Afreximbank closes landmark EUR 200 million and USD 166 million dual-tranche facility for Uganda

Categories: Press Releases

Cairo, 27 January 2022 – African Export Import Bank (Afreximbank) has concluded a landmark 10-year, dual tranche facility of €200 million and US$166 million for the Government of Uganda. The transaction was structured using the Bank’s innovative specialised finance solution, introduced to facilitate access to long term finance by African sovereigns and other eligible entities.

Afreximbank was the sole Mandated Lead Arranger and Agent of the facility. The Bank worked with multiple partners, including risk mitigation providers. The debt was distributed to a specialized institutional investor base, including Aegon Asset Management, through the Africa Repack Investment Company (ARIC), a specialized vehicle created for that purpose.

The transaction, which is the first of its kind to be implemented by an African Multilateral Financial Institution, will greatly assist Uganda in achieving its trade infrastructure development and industrialisation objectives, thereby promoting the growth of Uganda’s exports and contributing significantly to the country’s economic growth and development in line with its National Development Plan.

Professor Benedict Oramah, President and Chairman of the Board of Director of Afreximbank, commented:

We are proud that our efforts to provide tailored, flexible and innovative financial solutions to support our member states in achieving their ambitious development aspirations are once again proving effective. This landmark transaction is timely and will have a significant impact on Uganda’s development. By assisting the government to implement key trade-enabling infrastructure projects under its second national development plan, this facility will boost trade activities in the country and the flow of trade-related capital and services in the region.

Simmons & Simmons and ENS Africa acted as legal advisors for the transaction, with Marsh acting as the broker and risk mitigation advisor.

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About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$7.5 billion since 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched the operations  of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.

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