Multi-Currency Line of Credit

Multi-Currency Line of Credit

A line of credit on which a company may draw in one of several currencies. For example, the company may borrow from the same credit line in either U.S. dollars or euros, depending on its specific needs at the moment. A multi-currency line of credit may save a multinational corporation the time and expense incurred in foreign exchange transactions.
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FirstRand Bank Limited (FRB) of South Africa received approval from the Board of Directors of the African Development Bank (AfDB) for a seven-year $300 million multi-currency line of credit.
The US $300 million medium-term, multi-currency line of Credit to South Africa s FirstRand Bank Limited will be used to finance projects in a number of sectors and across a number of African countries.
The Board of Directors of the African Development Bank (AfDB) has approved a seven-year multi-currency line of credit for an amount equivalent to USD 300 million to FirstRand Bank Limited (FRB) of South Africa to finance a wide range of projects in local currencies and across Africa.
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