Infrastructure Credit Guarantee Company Limited (InfraCredit) has announced its successful closing of a US$25 million equity investment from Africa Finance Corporation (AFC).
In this primary transaction, AFC has become a shareholder in InfraCredit alongside the Nigeria Sovereign Investment Authority (NSIA). On account of this investment, Sanjeev Gupta, Executive Director, Financial Services of AFC, and Banji Fehintola, Treasurer and Senior Director of AFC, would join InfraCredit’s Board of Directors, a statement explained.
InfraCredit is a specialised infrastructure credit enhancement facility established in 2017 by the NSIA in collaboration with GuarantCo (a member of the Private Infrastructure Development Group) to provide guarantees that enhance the credit quality of local-currency debt instruments issued to finance eligible infrastructure projects in Nigeria. The company maintains a ‘AAA’ long-term national scale credit rating from Agusto & Co and GCR.
Managing Director/Chief Executive Officer of InfraCredit, Chinua Azubike said: “Our partnership with AFC as an equity investor will help accelerate our transformation while better positioning us to execute on our strategy and mission to unlock long-term local currency financing for infrastructure. We are delighted to have investors who share our values and vision for success.”
Also, the President & Chief Executive Officer of AFC, Samaila Zubairu said: “We are very pleased to work alongside InfraCredit and support its goal of bringing more bankable infrastructure projects in Nigeria on line. AFC has always been committed to supporting the continent reach its economic potential through strategic investments in infrastructure. To maximise our impact, it is important to partner with highly esteemed and reputable organisations such as InfraCredit.