The Loan Market Association (LMA), the trade body for the Emea syndicated loan market, has launched a suite of new documentation for local law transactions across Africa.

The LMA has recommended a range of facility agreements for use in South African loan transactions, a new recommended form of facility agreement for use in East African jurisdictions, and some associated user guidelines.

The new common framework will improve efficiency and standardisation practices across the market, allowing investors to concentrate on the commercial side of transactions.

Dubbed the ‘African Documents’, this new documentation is a response to demand from LMA members that operate throughout Africa and reflects the growing opportunities for economic growth and investment across the continent.

Commenting on the launch, LMA chief executive, Clare Dawson, says: “Providing finance in Sub-Saharan Africa now forms an increasingly significant part of the syndicated loan market and is a key contributor to economic growth.”

“The African Documents provide one of the best ways of fostering liquidity in the region and assisting LMA members who are active in the market.”

Following an integration with the African Loan Market Association, the African Documents will take a similar form LMA’s other facility agreements, making them easily recognisable to current users. The LMA has over 568 member organisations consisting of banks, non-bank loan investors, law firms, rating agencies and financial service providers.