Africa Finance Corporation (AFC) has raised a $1.16 billion syndicated loan facility to be deployed among sustainable solutions that will seek to close Africa’s infrastructure gap.

Initially launched at $1 billion, the three-year syndicated loan was upsized after being oversubscribed by 49%, AFC said in a statement on Tuesday. The facility attracted new lenders from the Middle East, Europe and Asia, it added.

AFC has invested $13 billion across Africa since inception. Its President & CEO, Samaila Zubairu said the facility was the institution's largest ever.

"This is a significant endorsement of our commitment to ensure that infrastructure projects support local processing and value capture, thereby providing the much needed impetus to African industrialisation, enhanced export earnings and job creation."

Abu Dhabi Commercial Bank, Emirates NBD Bank, Mizuho and Sumitomo Mitsui Banking Corporation acted as  lead arrangers and bookrunners. Additionally, Bank of China and Société Générale S.A acted as lead arrangers.

Financial institutions including Société Générale, Bank Muscat and Intesa Sanpolo Bank Luxembourg S.A. joined the syndicate as first-time lenders, AFC said.

(Writing by Brinda Darasha; editing by Seban Scaria)