Africa Finance Corporation (AFC), in partnership with African Export-Import Bank (Afreximbank), has concluded its first trade finance deal for the acquisition of an aircraft for Arik Air Limited.
The aircraft will augment Arik Air fleet and service to its key international markets, including Accra, Johannesburg, Banjul, Dakar, Freetown, and London.
In recognition of this landmark transaction, the lending consortium of, Afreximbank, HSBC and AFC were awarded the Euromoney 2008 Trade Finance Deal of the Year - Africa, in London at the weekend.
AFC is a key financier in the USD$100million deal and provided the facility in conjunction with Afreximbank and major international banks.
Mr. Andrew Alli, Chief Executive Officer of AFC was quoted in a press statement as saying that, "AFC's participation in the financing of Arik Air is a natural extension of the extensive trade finance services, offered in partnership with Afreximbank and compliments the AFC promotion of trade and economic development in Africa".
Mr. Jean-Louis Ekra, President of Afreximbank, said: "This facility provision for Arik Air involving Afreximbank and AFC, underscores our strategic focus in leveraging results oriented Pan-African partnerships, to enable African banks to access trade finance lines in a turbulent global financial climate. This builds on the foundation for a sustained expansion of trade finance activities across Africa."
AFC is an African led financial institution, with the mission to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets.