A press release from Africa Finance Corporation (AFC) published on Tuesday, March 26, announced the closing of a syndicated loan worth a record $1.16 billion obtained from several banks in Asia, the Middle East and Europe.

The syndicated loan was oversubscribed by 49%. The amount was initially set at $1 billion. The funds raised will be used to finance the institution's investments in infrastructure. The institution said in a statement that “the size of the syndicated loan originally set at $1 billion was increased after an oversubscription of 49%, which highlights the confidence of international investors in AFC's solvency and its ability to navigate the current economic landscape marked by ever-changing global complexities