Milbank LLP advised China Export-Import Bank (CEXIM) in a US$300 million loan facility to Africa Finance Corporation (AFC) and a US$600 million loan facility to African Export-Import Bank (Afreximbank). Both deals are expected to foster economic growth and development across Africa.
CEXIM’s financing will support AFC’s work as a leading solutions provider in the core infrastructure sectors of power, natural resources, heavy industry, transport and telecommunications. The two institutions have collaborated since 2018, with AFC receiving US$400 million in bilateral loans to date.
The collaboration between CEXIM and Afreximbank will enhance economic partnerships between the member states of Afreximbank and the People’s Republic of China to expand Africa’s export manufacturing capacity. The deal will also strengthen cooperation in credit business, equity investment, capital market operations, personnel exchange and knowledge sharing.
“These significant deals with AFC and Afreximbank will have a positive impact on the development of renewable energy projects in Africa and on trade and investment between China and Africa,” Milbank partner Shepard Liu said. Milbank partner Aled Davies added, “Our team is pleased to play a role in enhancing African economic growth and development.”
Mr. Liu and Mr. Davies led the Milbank deal team, which included Global Project, Energy & Infrastructure Group associate Marco Ying, as well as law clerk Emma Pan.
October 26, 2023
