The African Export-Import Bank (Afreximbank) has concluded its largest ever syndicated borrowing, raising US$2 billion equivalent through a dual-tranche loan facility that drew participation from 31 lenders across four continents, underscoring sustained appetite for African institutional credit despite tightening global liquidity.
The facility, concluded on March 9, 2026, and announced on March 30, comprises a US dollar tranche of US$1.73 billion designated Facility A, and a euro tranche of €228 million designated Facility B, both carrying a three-year tenor. Proceeds will be deployed to refinance existing obligations and fund general corporate operations.
The transaction surpassed its initial target significantly. Afreximbank launched the facility at a target size of US$1.5 billion equivalent, but total investor commitments reached US$2.36 billion equivalent, prompting the bank to scale the final raise to US$2 billion.
Chandi Mwenebungu, Afreximbank’s Managing Director for Treasury and Markets, and Group Treasurer, described the deal’s significance directly. “This transaction is the largest ever syndicated facility borrowing by Afreximbank. It is a clear demonstration of global investors’ confidence in the bank’s credit story,” he said.
Lenders participating in the deal spanned Europe, the Middle East, Asia, and Africa. Mashreqbank PSC, MUFG Bank Ltd., and Standard Chartered Bank served as Joint Global Coordinators, Initial Mandated Lead Arrangers, and Bookrunners. Standard Chartered Bank also acted as Documentation Agent and Facility Agent for the transaction.
The milestone carries added weight given the credit pressures Afreximbank has navigated in recent months. Ratings agency Fitch downgraded the bank to below investment grade in early 2026, citing its treatment in Ghana’s sovereign debt restructuring. The oversubscription of this facility, and the breadth of lender participation, signals that the downgrade has not materially impaired its access to international capital markets.
At the end of December 2024, Afreximbank held total assets and contingencies of over US$40.1 billion, with shareholder funds of US$7.2 billion. The bank holds investment grade ratings from China Chengxin International (AAA), GCR (A), Japan Credit Rating Agency (A-), and Moody’s (Baa2).
Founded over 30 years ago and headquartered in Cairo, Egypt, Afreximbank is a pan-African multilateral institution mandated to finance and promote intra- and extra-African trade, and serves as a key architect of the financing infrastructure supporting the African Continental Free Trade Area (AfCFTA).
