The African Export-Import Bank (Afreximbank), Africa’s foremost multilateral trade finance institution, was last week announced winner of the Debt Deal of the Year Award at the 14th Annual African Banker Awards 2020 held virtually.
The awards recognise institutions and individuals driving growth and development in Africa, and creating new economic opportunities for citizens and communities across the continent.
The Debt Deal of the Year Award was granted to Afreximbank for a €1billion syndicated senior loan facility arranged with Credit Suisse for Nigeria’s Bank of Industry.
The funds have supported the Bank of Industry’s work in expanding, diversifying and modernising Nigeria’s industrial sector. Having originally been sized at €750million, the debt raising was successfully upsized to €1billion through a general syndication that secured liquidity from over 20 investors.
In its role as Coordinating Mandated Lead Arranger and Book-runner, Afreximbank played an integral role in attracting a wide diversity of investors ranging from African and non-African banks and financial institutions as well as development finance institutions.
In his acceptance speech, Amr Kamel – Afreximbank’s Executive Vice President for Business Development and Corporate Banking who received the Award on behalf of the Bank – said the Bank of Industry deal is a major step on the path to a strong and resilient African economy.
“Afreximbank is honoured to receive this award. We remain committed to being a significant player in the African syndicated loan market and continuing to attract capital to the African continent. These funds can help close the continent’s trade and infrastructure gaps and unlock the potential of an African economy driven by diverse industries, regional integration and shared prosperity,” he added.
The African Banker Awards have previously recognised Afreximbank for its strengthening of the African financial sector and integral role in the expansion of intra-African trade, awarding the institution the prestigious title of African Bank of the Year in 2019.