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Africa Finance Corporation (AFC) Expands Asian Capital Market Footprint with US$160 Million Kimchi Loan Facility

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Africa Finance Corporation

The successful closure of the 3-year Kimchi loan facility is a positive indication of Korea’s and more broadly Asia’s growing interest in infrastructure investment opportunities in Africa

LAGOS, Nigeria, December 7, 2022/APO Group/ — 

Africa Finance Corporation (https://www.AfricaFC.org/), the leading infrastructure solutions provider in Africa, is expanding its footprint in Asian capital markets, today announcing the successful closure of a US$160 million Kimchi Term Loan Facility with Mizuho Bank, Ltd. and Shinhan Bank as Bookrunners and Mandate Lead Arrangers (BMLAs). This facility follows the successful execution of the Corporation’s inaugural US$140 million Kimchi loan facility in 2019, its first foray into the Korean debt market. This year, AFC has made several strides in diversifying its funding sources, which include a EUR 100 million loan from the Italian Development Finance Institution-CDP, a US$100 million loan facility from the Korea Development Bank (KDB) and, most recently, a US$389 million dual currency Samurai term loan facility. These milestone transactions are a testament to AFC’s deep expertise, strong credit profile and stellar reputation in global capital markets.

The successful closure of the 3-year Kimchi loan facility is a positive indication of Korea’s and more broadly Asia’s growing interest in infrastructure investment opportunities in Africa. Last year, Korea pledged US$600 million in financing under the Korea-Africa Energy Investment Framework (KAEIF), moving the country’s focus on the continent from aid to trade and investment. Nigeria, AFC’s host country, was recently declared as Korea’s largest trading partner in Africa by the Korea-Africa Foundation.

Banji Fehintola, Senior Director & Treasurer of AFC, commented: “We are pleased to have successfully executed on our second Kimchi loan facility, expanding our footprint in Korea and Asian capital markets at large. Today’s announcement serves as a validation of AFC’s strong market access, the strength of our credit profile and our well-established investor engagement programme. We continue to seek strong partnerships with credible institutions across the globe to provide capital for the urgently needed infrastructure required to sustainably transform African economies and change the lives of its people for good.”

Today’s announcement serves as a validation of AFC’s strong market access, the strength of our credit profile and our well-established investor engagement programme

Proceeds from the new facility will be used for refinancing and general corporate purposes in accordance with AFC’s Establishment Agreement and Charter.

Mizuho Bank has been in close partnership with AFC for some time, with both institutions signing an MOU earlier this year to collaborate on driving sustainable economic growth in Africa and Asia. Mizuho also supported AFC’s Samurai loan facility last month as a Bookrunner and Mandated Lead Arranger (BMLA) and Joint Co-ordinator. Shinhan Bank, a repeat lender on the Corporation’s Kimchi facility, has also proven to be a strong partner for AFC in executing its funding strategy.

Stewart Wakeman, Managing Director & Head of Sub Sahara Africa at Mizuho commented: “We are delighted to be involved in this landmark transaction for AFC. Our close partnership with AFC combined with Mizuho’s commitment to connect Asian investors to African markets led to the successful execution of this milestone transaction. Over & above this, we are extremely proud to have played a role in this transaction to support AFC in their role towards Africa’s development. “

Mr Sang Hyun Woo, EMEA Regional Head of Shinhan Bank, commented: “We are absolutely delighted with the result. We delivered another successful execution of AFC’s ‘Kimchi’ facility together with our partner bank, Mizuho. Shinhan Bank arranged the first ever ‘Kimchi’ syndicated facility for one of African multilateral development banks (‘MDBs’) in 2018 and subsequently, Shinhan was mandated and arranged the first ‘Kimchi’ syndicated loan for AFC in 2019. From these successful stories, we have strong appetite to grow our business in the region. Shinhan will continue to look for opportunities in Africa through enhancing relationship with AFC,”

Other participating financial institutions on the new Kimchi facility include Taipei Fubon Commercial Bank Ltd, Hua Nan Commercial Bank Ltd, Taiwan Cooperative Bank, The Export-Import Bank of the Republic of China, Industrial Bank of Korea and Kexim Bank Limited.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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