Africa finance corp launches $150 mln loan into syndication sources

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DUBAI Feb 8 Africa Finance Corp, a Lagos-based financier of development projects including infrastructure and heavy industry, has invited banks to participate in providing it with a $150 million, two-year loan, sources said on Monday. The institution, whose membership comprises nine mostly West African states including Nigeria and Ghana, is owned 42.5 percent by Nigeria's central bank, 47.6 percent by other African financial institutions and 9.8 percent by several industrial and corporate shareholders, according to its website.

It has mandated Bank of Tokyo-Mitsubishi UFJ, Citibank, Emirates NBD, JP Morgan and Standard Chartered to arrange the loan, the sources said on condition of anonymity as the information is private.

Asked to comment, AFC told Reuters that it would use the proceeds of the loan for general corporate purposes in accordance with its charter. It did not confirm details of the loan.