Dubai-based multinational ports operator, DP World, has bolstered its logistical and market access ambitions for the sub-Saharan Africa (SSA) region by securing a $365.1 million “facility agreement” with Standard Bank.
According to a statement issued after finalization of the funding, “the agreement gives DP World access to a multi-product, multi-jurisdiction, and multi-currency facility (MCF), designed to support its general banking and term-funding requirements.
It applies across all SSA markets where DP World and Standard Bank have an overlapping presence.
Mohammed Akoojee, CEO and managing director for SSA at DP World, said: “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 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.”
The logistics company itself said: “DP World has a long-standing relationship with Standard Bank and this partnership complements its ongoing investment and development across the continent.
“In May this year, DP World announced its trade finance partnership with Standard Bank to help close the gap in unmet demand for working capital on the continent by providing African companies that are looking for trade finance with the ability to seamlessly access working capital from Standard Bank via the DP World Trade Finance platform.”
Kenny Fihla, the CEO of Corporate Investment Banking at Standard Bank said: “We are proud to be the coordinators and lenders of this market-leading facility, which demonstrates our commitment and our strength in Africa.
“The MCF facility is split between our transactional banking and investment banking products, with $150 million allocated to a general banking MCF, which will consist of working capital, trade finance, documentary credit and other general banking solutions and $215.1 million allocated to term debt financing.”
