Africa Finance Corporation (AFC) Expands Asian Capital Market Footprint with US$160 Million Kimchi Loan Facility Led by Mizuho and Shinhan Bank

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/ — Africa Finance Corporation (, 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.”

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.

Media Enquiries:
Yewande Thorpe
Africa Finance Corporation
Mobile : +234 1 279 9654
Email :

Gavin Serkin
New Markets Media & Intelligence
Telephone: +44 20 3478 9710

About Africa Finance Corporation (AFC):
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Fifteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has invested over US$10 billion in 36 countries across Africa since inception.

Africa Finance Corporation (AFC)

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




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