Africa Finance Corporation Raises $1.5B Syndicated Loan for Investment Expansion

Nigeria is advancing its digital infrastructure with a $500 million World Bank loan as part of the $1.6 billion BRIDGE project, aiming to expand broadband access to cover 70% of the population by deploying 90,000 km of climate-resilient fiber optics. Despite these efforts, Nigeria's broadband penetration has recently declined, highlighting the challenges the country faces in expanding internet connectivity. Meanwhile, the Africa Finance Corporation secured $1.5 billion through a syndicated loan, demonstrating strong investor interest in Africa's infrastructure growth opportunities. In Uganda, the state-owned Uganda Development Bank plans to raise $500 million in international debt to support a four-year strategy focused on boosting lending to sectors like mining, energy, and manufacturing, with the first tranche possibly issued next year. Uganda's initiative reflects a broader trend of African development banks seeking global capital to address infrastructure and industrial financing gaps, with an emphasis on sustainable finance options such as green bonds. President Yoweri Museveni emphasizes the government's commitment to expanding access to affordable, long-term financing to stimulate economic growth in East Africa.