Nigeria gets AfDB’s $15 Million loan address Infrastructure Financing 

Date:

June 21, 2024.

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Azonuchechi Chukwu.

The African Development Bank (AfDB) and Infrastructure Credit Guarantee Company Limited (InfraCredit) have signed a $15 million subordinated loan agreement aimed at strengthening InfraCredit’s capital base and attracting institutional investment to address Nigeria’s infrastructure financing gap.

The agreement was signed on June 14, 2024, in Lagos by Lamin Barrow, Director General of the AfDB’s Nigeria Country Department, and Chinua Azubike, CEO of InfraCredit.

The funding will enhance InfraCredit’s ability to mobilize long-term local currency financing for infrastructure projects by leveraging capital from pension funds and other institutional investors. InfraCredit, a specialized Nigerian credit guarantee company, focuses on supporting infrastructure projects, including those aligned with green and climate-friendly standards.

Lamin Barrow highlighted the significance of the partnership, stating, “Our support to institutions such as InfraCredit underscores the importance of innovative and scalable solutions to leverage domestic institutional capital, positioning local capital markets as a viable source of long-term funding to bridge Africa’s infrastructure deficit.”

Chinua Azubike expressed gratitude for the AfDB’s confidence in InfraCredit’s model, which has successfully facilitated private sector investment in impactful infrastructure projects. “This facility will bolster our capacity to support long-term local currency domestic credit for our rapidly growing pipeline of infrastructure projects, fostering job creation and economic growth,” Azubike noted.

Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure, and Industrialization, emphasized the broader implications of the partnership. “The success of InfraCredit has inspired the replication of its business model across the continent, aligning with our strategy to scale up private sector financing in Africa. Our support for establishing a similar institution in Kenya for the East Africa region is a testament to this approach,” Quaynor said.

This agreement aligns with the AfDB’s strategic objectives for Nigeria, which include stimulating local currency bond market financing across key infrastructure sectors and enhancing economic diversification and competitiveness.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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