The African Export-Import Bank (Afreximbank) and Credit Suisse have raised $1billion to support Nigerian Businesses.
Due to the current adverse market conditions induced by the global pandemic, Afreximbank and Credit Suisse, with 27 investors across the globe have raised $1 billion facility for Nigeria’s Bank of Industry (BOI) to support businesses across the country.
According to the statement issued by Afreximbank on 29 December, 2020, the loan is issued to BOI in order to enhance its role as a pivotal development finance institution in Nigeria.
The loan is “the largest international syndicated loan to a Nigerian financial institution since the onset of the pandemic-induced economic difficulties.”
According to the statement, “Afreximbank, along with Credit Suisse, acted as Joint Coordinating Mandated Lead Arrangers (MLAs), Underwriters and Bookrunners. Afreximbank was the Facility Agent and Security Trustee. The Africa Finance Corporation, Rand Merchant Bank, SMBC, and the Export Import Bank of China also joined the deal as Mandated Lead Arrangers and Bookrunners.”
Commenting on the development, Prof. Benedict Oramah, the president of Afreximbank, said:
“Afreximbank is pleased to have once again worked with its partners to facilitate access to international finance at a time it is most needed. The Bank of Industry is a pivotal development finance institution in Nigeria under able leadership. We are proud to have been given the opportunity once again.”