InfraCo Africa invests in InfraCredit to unlock Nigerian infrastructure finance
InfraCo Africa, part of the Private Infrastructure Development Group, has completed an equity investment of about $27 million into InfraCredit - a specialised local currency infrastructure credit guarantee institution based in Lagos.
InfraCo Africa’s equity investment, made through its dedicated investment vehicle, makes it an equivalent shareholder alongside the Nigeria Sovereign Investment Authority and Africa Finance Corporation.
Following the investment, Gilles Vaes - Chief Executive Officer of InfraCo Africa - and Claire Jarratt, Chief Investment Officer of InfraCo Africa, will join InfraCredit’s Board of Directors.
InfraCredit’s total capital base will increase to NGN68.3 billion ($173 million), translating to an aggregate guarantee issuing capacity of up to NGN342 billion (about $865 million) based on its current maximum capital leverage ratio of up to 5x allowable by its rating agencies.
