Lagos-based development financier Africa Finance Corporation (AFC) announced on 8 January that it had successfully closed a €577m ($657m) facility for Société Ivoirienne de Raffinage (SIR) to refinance the refinery’s significant debt. AFC’s participation was for €192m. The facility is key to meeting a debt management target agreed with the International Monetary Fund (IMF), which approved an Extended Credit Facility and Extended Fund Facility in December 2016. SIR’s debt is equivalent to around 1.5% of gross domestic product and places a substantial burden on the economy.
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