AFC Eyes $300 Million Deal in Islamic-Finance Market Return
- Africa Finance Corp. targets raising $4 billion next year
- AFC helps provide financing for Africa’s infrastructure needs
Samaila Zubairu
Photographer: Andrew Caballero-Reynolds/BloombergThis article is for subscribers only.
Africa Finance Corp. expects to tap the Islamic finance market for the first time in almost a decade by the end of the year, as part of efforts to cash in on growing interest from Gulf nations to fund and develop infrastructure projects on the continent.
The development finance institution is in the market for a $300 million murabaha facility that complies with standards set by the Accounting and Auditing Organization for Islamic Financial Institutions, the firm said in an emailed response to questions. First Abu Dhabi Bank is the global coordinator on the deal, and the AFC is working with other lenders including Emirates NBD Capital and SMBC.