As Cote d’Ivoire recovers from its recent conflict, Africa Finance Corporation (AFC) has provided some much-needed support by signing its first transaction in the region.

AFC along with African Export-Import Bank (Afreximbank) and Banque Internationale pour l’ Afrique Occidentale have provided a US$320mn syndicated trade finance facility to African oil exporter Societe Ivoirienne de Raffinage (Sir) to import, process and refine crude oil.

AFC are contributing US$100mn of the loan while Afreximbank and Banque Internationale pour l’ Afrique Occidentale provided the remaining US$220mn.

Commenting on the transaction, AFC president and CEO Andrew Alli, says: “AFC’s first transaction in Cote d‘Ivoire demonstrates its commitment to invest across all geographies on the continent, leveraging on results oriented pan-African partnerships to deliver profitable economic growth.”

Afreximbank president Jean-Louis Ekra adds: “This facility for (Sir) involving Afreximbank and AFC underscores our strategic focus of partnering with other African financial institutions to provide trade finance support to African companies, and reinforces our sustained expansion of trade finance activities across Africa.”