Afreximbank Commits $2.5bn to Dangote Refinery Financing

Afreximbank has announced a significant commitment of $2.5 billion as part of a $4 billion senior syndicated term loan aimed at financing the Dangote Refinery, which is Africa's largest petrochemical complex with a capacity of 650,000 barrels per day. This financing arrangement, which has a five-year term, is designed to consolidate existing debt and optimize the refinery's capital structure in alignment with its operational realities.

The transaction marks a significant milestone for the Dangote Refinery, which is set to commence operations in February 2024. Afreximbank's participation underscores its strategic role in mobilizing capital for industrial projects across Africa, promoting industrialization, and reducing reliance on imported petroleum products.

Georg Elombi, the President and Chairman of the Board of Directors of Afreximbank, emphasized the bank's confidence in indigenous African enterprises and its commitment to supporting the Dangote Group, which has received $1.5 billion from Afreximbank since 2015. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the financing as a critical step in strengthening the financial foundation of the refinery for its next phase of growth.