DP World, Standard Bank ink $365 million facility
DP World and Standard Bank have successfully closed a substantial $365.1 million facility agreement, strategically geared towards facilitating the expansion of their logistics market presence throughout sub-Saharan Africa.
This agreement grants DP World access to a versatile multi-product, multi-jurisdiction, and multi-currency facility (MCF).
Its purpose is to underpin DP World’s comprehensive banking and term-funding needs across all sub-Saharan African markets where the two entities share a footprint.
Mohammed Akoojee, CEO & MD for sub-Saharan Africa at DP World, expressed confidence in the transformative potential of this facility.
“This facility, widely recognised as a trailblaser within the African continent, promises to be a pivotal force in advancing our aspirations for logistics and market access growth within sub-Saharan Africa,” he said.
We have, once again, chosen to collaborate with Standard Bank due to its remarkable ability to furnish seamless access to liquidity and financing solutions across the continent. This harmonizes perfectly with DP World’s vision of promoting more efficient and sustainable trade throughout the region.”
DP World’s partnership with Standard Bank aligns seamlessly with its ongoing investment and development initiatives across the African continent.
Earlier this year, in May, DP World unveiled its trade finance collaboration with Standard Bank. This innovative partnership aims to bridge the gap in unmet working capital demand on the continent.
It offers African enterprises seeking trade finance an efficient avenue to access working capital through Standard Bank, facilitated by the DP World Trade Finance platform.
Kenny Fihla, CEO of Corporate and Investment Banking (CIB) at Standard Bank, said the bank prides on being the driving force and principal lender behind this pioneering facility.
He underscored the commitment and robust presence of Standard Bank in Africa. The MCF facility is divided between its transactional banking and investment banking products.
A significant portion of $150 million is allocated to a general banking MCF, which encompasses working capital, trade finance, documentary credit, and other essential general banking solutions. Meanwhile, $215.1 million is earmarked for term debt financing.
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