The Egypt-based African Export Import Bank (Afrexim) has completed a $184m loan, the bank’s second syndicated loan in the last 12 months.

The deal attracted a large group of banks, with 15 institutions joining the syndicate, in addition to 11 banks acting as bookrunners. The deal was substantially oversubscribed and signed in late December.

Germany’s WestLB acted as coordinator bank for the deal which was launched into the syndication market in November.

The deal paid banks 520 basis points above the London interbank offered rate (libor). In November the export credit agency (ECA) completed a $300m bond issue.

In July the bank completed a $317.5m refinancing that consisted of a $185m loan paying 325 basis point above libor, and a €95m loan paying 325 basis points above the Euro interbank offered rate.

In October ratings agency Fitch gave the company a long term rating of BBB-, saying that although the bank is well capitalised, support from the 33 African countries that are Afrexim’s shareholders cannot be relied on.