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African food: $600 million loan agreement to boost cocoa production

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Christian Fernsby ▼ | November 13, 2019
The African Development Bank, Credit Suisse AG, the Industrial and Commercial Bank of China Limited and Ghana Cocoa Board (COCOBOD) signed a $600 million syndicated receivables-backed term loan to boost cocoa productivity in Ghana the world’s second cocoa producer.
Akinwumi Adesina
African business   Akinwumi A. Adesina
Ghanaian President Nana Addo Dankwa Akufo-Addo, the President of the African Development Bank Dr. Akinwumi A. Adesina, senior officials from Credit Suisse and ICBC, oversaw the signing of the facility, at a ceremony held on the second day of the 2019 Africa Investment Forum.

Topics: African food cocoa

The multi-million dollar agreement is a milestone for the Bank-convened Africa Investment Forum, a transactional platform dedicated to transforming the continent’s investment and development agenda, which kicked off in Sandton City Johannesburg on Monday.

The Bank, as Original DFI Lender and Initial Mandated Lead Arranger, is partnering with Credit Suisse as Original Commercial Lender, Global Commercial Coordinator, Co-Mandated Lead Arranger. Credit Suisse is also acting as Joint Commercial Underwriter and Bookrunner to structure and fund a dual-tranche facility comprising a $250 million, 7-year DFI tranche with the Bank, as well as a $350 million, 5-year commercial tranche.

The Industrial and Commercial Bank of China Limited London Branch joined as an Original Commercial Lender, Co-Mandated Lead Arranger and Joint Commercial Underwriter and Bookrunner ahead of syndication.

Syndication of the facility is underway.


 

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