Akin Advises AFC on $400 Million Sharia-Compliant Commodity Murabaha Facility to Fund African Infrastructure
Contact:
(Dubai) – Akin’s finance team recently advised Africa Finance Corporation (AFC), a pan-African multilateral development financial institution established in 2007 by African sovereign states to provide pragmatic solutions to Africa’s infrastructure deficit and challenging operating environment, on its $400 million Sharia-compliant commodity Murabaha facility.
This transaction notably marked AFC’s first return to the Islamic finance markets in eight years and attracted participation from eleven leading regional Islamic financial institutions. The facility, which was initially launched at $300 million, was upsized to $400 million due to strong investor demand, as reflected in the 47% oversubscription.
The proceeds from the facility will be used to accelerate industrialization, infrastructure development and economic growth across the African continent.
The success of the Sharia-compliant facility highlights the strong appetite for both Islamic financing structures as a means of diversifying the pool of investors and the opportunities for African infrastructure investments.
The Akin team was led by finance partner Rizwan Kanji, with support from counsel Andrew Heller and associate Sahar Abas.
Further information can be found here.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
# # #
People Mentioned in This News
