Africa’s PTA Bank has received a US$320mn internationally syndicated loan to finance trade, development and infrastructure projects.

A diverse mix of lenders are designated mandated lead arrangers under the facility, including several African banks: Rand Merchant Bank, Bank du Caire and Nedbank.

Other mandated lead arrangers are Commerzbank, KfW Ipex, Industrial and Commercial Bank of China (ICBC), Mashreq Bank, Sumitomo Mitsui Banking Corporation (SMBC), Standard Chartered, Bank of Tokyo Mitsubishi (BTMU), Al Ahli Bank and China Exim Bank.

The facility was 1.6 times oversubscribed, raising more than double the US$150mn reached in the pan-African lender’s debut facility in 2012.

“We are grateful to our correspondent banking partners for their increased African appetite and their confidence in PTA Bank as it continues to grow, modernise and vigorously pursue our vision of being a world class specialised African financial institution,” says the bank’s president, Admassu Tadesse.

The facility is part of PTA Bank’s broader plan to raise short and medium-term financing for trade from international capital markets, as well as longer-term financing from development financing partners for projects in areas such as renewable energy, cross-border power and transport infrastructure.

In November last year, the bank issued its second Eurobond of US$300mn on the Luxembourg stock exchange. In October this year, it became the latest member of the International Development Finance Club (IDFC), the global association of regional development banks.