DP World has concluded a US$365.1 million funding arrangement with Standard Bank acting as co-ordinator and lender.
Regarded as a market-leading facility on the African continent, the single facility offers access to a multi-product, multi-jurisdiction and multi-currency facility (MCF).
The bespoke facility is designed to be all encompassing in solutioning for general banking and term funding requirements for DP World’s SSA Logistics and Market Access businesses, available across all African markets where DP World and Standard Bank have an overlapping presence, aligning with DP World’s ambition of achieving the efficient and sustainable movement of products across the region.
“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. US$215.1 million will be allocated to term loans and revolving credit facilities.”
“The nature of this facility emphasises the capabilities available within Standard Bank and our ability to provide seamless access to liquidity and financing solutions across the continent,” says Kenny Fihla, CEO CIB of Standard Bank. “Standard Bank has a valued partnership with DP World, and we are proud to be the co-ordinators and lenders of this market-leading facility, which demonstrates our commitment and our strength in Africa.”
“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. We have once again chosen to partner with Standard Bank – a proudly African brand – due to the bank’s ability to provide seamless access to liquidity and financing solutions across the continent, which aligns with DP World’s ambition of driving more efficient and sustainable trade across the region,” says Mohammed Akoojee, CEO and MD for SSA at DP World.
DP World’s vision is to make the world’s trade flow better and this next step in the partnership with Standard Bank is testament to that goal. Africa is a key market for DP World, with this partnership complementing its ongoing investment and development across the continent.