Africa Finance Corporation secures $100 million loan from India Exim Bank for infrastructure projects
via Punch Nigeria2 min read
The Africa Finance Corporation AFC has obtained a five-year $100 million loan facility from the Export-Import Bank of India India Exim Bank. This agreement, signed during AFC’s Investor Day in London, aims to strengthen AFC's funding base for investments in critical infrastructure and industrial projects across Africa. The facility will support high-impact projects in transport, energy, and industrial assets. According to AFC, this deal extends its funding tenor and reinforces access to cost-efficient capital from export credit institutions. Banji Fehintola, AFC’s Executive Board Member and Head of Financial Services, stated that this facility is an important milestone in their long-standing partnership with India Exim Bank. This agreement follows a previous $100 million financing secured in 2021 between the two institutions, indicating a growing financial relationship between Africa and India. Analysts suggest this transaction demonstrates AFC’s ability to diversify its funding, reducing reliance on more expensive conventional sources like Eurobond markets. The deal also reflects a broader trend among African development finance institutions to engage non-Western lenders, particularly in Asia, to address the continent’s infrastructure financing gap. AFC plans to continue pursuing strategic partnerships to unlock new funding pools, playing a catalytic role in mobilizing capital for infrastructure projects that boost regional integration, support industrialization, and drive s
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
First Lady Senator Oluremi Tinubu is scheduled to visit Abia State on Tuesday, July 21, 2026, to celebrate the Akwete weaving heritage. She will be hosted by Governor Alex Otti and his wife, Priscilla. The visit will include a tour of the Akwete Weaving Cooperative Society in Akwete, Ukwa East Local Government Area, where Senator Tinubu will interact with master weavers. Following the inspection, the First Lady and Governor Otti will attend a civic reception at the Akwete Central School Field. This event aims to celebrate the visit and showcase Akwete's cultural heritage, bringing together government officials, traditional rulers, community leaders, and residents. Akwete cloth, handwoven in Ukwa East for centuries, is a significant cultural export from Nigeria and a key source of income for women in the region. Residents of Abia State, particularly those in Ukwa East and surrounding communities, are encouraged to attend and welcome the First Lady.
Spain's World Cup-winning team is scheduled to arrive in Madrid on Monday to a hero's welcome, with an estimated one million fans expected to greet them. The team, fresh from their 1-0 victory over Argentina in the final in East Rutherford, United States, is due to land at 12:50 pm 1050 GMT with the golden trophy. Following their arrival, the players are expected to be received by King Felipe VI and Prime Minister Pedro Sanchez. An open-top bus parade through central Madrid is planned to begin around 4:30 pm, traveling from near the Moncloa Palace to Cibeles Square, a traditional gathering point for Spanish national team celebrations. A ceremony involving the players will also be held at the square. Around one million people are anticipated to line the parade route, with 2,050 police officers and 400 Civil Guard personnel deployed for security. The triumph has ignited national pride in Spain, with many younger supporters not having witnessed the men's team win the World Cup since their previous title in 2010. Celebrations continued overnight across the country, with fans gathering in bars and fan zones, and pouring into the streets after the final whistle. The Spanish Royal Household congratulated the team on social media platform X, stating, "You have faced each challenge with the conviction of a great team and have carried the name of Spain to the very top."
Must ReadHuman rights lawyer and Senior Advocate of Nigeria, Femi Falana, has called on the governments of Nigeria and Ghana to initiate legal proceedings against South Africa before the African Court on Human and Peoples’ Rights. This action is urged in response to renewed xenophobic attacks targeting African migrants. Falana stated that reporting the matter to the African Union would be ineffective, as only the African Court has the legal authority to mandate compensation and other remedies for victims. His comments follow South Africa's reported rejection of Nigeria's request for compensation for its citizens who fled the country due to these attacks, abandoning businesses and properties. Falana criticized Pretoria's refusal to compensate victims, describing it as "sheer insensitivity," especially given South African authorities' justification that many affected migrants were residing illegally, a claim disputed by victims. He encouraged Nigeria, Ghana, and other African countries whose nationals have been affected to file a case at the African Court in Arusha, Tanzania, to seek provisional measures to halt further attacks and pray for aggravated damages against the South African government. Falana argued that the mass expulsion of African migrants violates Article 12 of the African Charter on Human and Peoples’ Rights. He also criticized South African President Ramaphosa's remarks urging migrants to comply with the country’s "laws and traditions," suggesting such rhetoric endorses