Bank of Africa (BOA) UK has secured USD 300 million in funding for Africa Finance Corporation (AFC) through a partnership with seven major Indian banks, according to converging news reports on Thursday.
Acting as the sole lead manager and book-runner for AFC, Bank of Africa UK completed the fundraising, which achieved 150% of its target. The development marks an expansion of AFC’s global partnerships, cementing its role as a key player in African infrastructure financing.
Said Adren, CEO of Bank of Africa UK, underscored the deal’s importance to AFC’s capital-raising strategy, noting that Indian financial institutions represent a significant new source of funds for African development. “We have always believed in attracting capital to Africa from new regions, such as India. This milestone paves the way for future capital flows to the continent,” Adren stated.
Meanwhile, Zineb Tamtaoui, managing director of BOA’s DIFC Branch, highlighted the role of BOA’s expertise in fulfilling the specific requirements of Indian lenders.
The fundraising celebration took place in Dubai on October 29, 2024, with representatives from BOA, AFC, and the participating banks: State Bank of India, Canara Bank, Bank of India, UCO Bank, Indian Bank, SBI, and Indian Overseas Bank.