African Finance Corporation (AFC) has announced a $400 million Shariah-compliant commodity Murabaha facility to fund African infrastructure, with participation from UAE and Saudi banks. 

The Lagos-based entity said the Islamic financing facility had been upsized from $300 million and was oversubscribed by 47%.

The transaction involved 11 Islamic financial institutions including Abu Dhabi Islamic Bank, Al Rajhi Bank and Emirates Islamic.

Emirates NBD Capital, First Abu Dhabi Bank, and SMBC Bank International Plc acted as joint lead arrangers and bookrunners.