DP World, Standard Bank sign a $365mn facility for Africa

DP World concluded a $365 million facility agreement with pan-African bank, Standard Bank, to support its logistics and market access expansion across the sub-Saharan Africa (SSA) region.

The agreement gives DP World access to a multi-product, multi-jurisdiction, and multi-currency facility (MCF), designed to support its general banking and term-funding requirements.

Mohammed Akoojee, DP World: “We are confident that this facility, which is regarded as market leading on the African continent, will be a game-changer for our logistics and market access growth ambitions in SSA”

In May this year, DP World and Standard Bank partnered to provide African companies with trade finance via the DP World Trade Finance platform.

Kenny Fihla, Standard Bank: “The MCF facility is split between our transactional banking and investment banking products, with US$150 million allocated to a general banking MCF, which will consist of working capital, trade finance, documentary credit and other general banking solutions and US$215.1 million allocated to term debt financing.”