Infrastructure Credit Guarantee Company Limited (InfraCredit), a specialised infrastructure credit enhancement facility established in 2017 by the Nigeria Sovereign Investment Authority (NSIA) in collaboration with GuarantCo (a member of the Private Infrastructure Development Group), has announced its successful closing of a $25 million equity investment from Africa Finance Corporation (AFC).
The investment makes AFC and NSIA shareholders in InfraCredit, a company set up to provide guarantees that enhance the credit quality of local-currency debt instruments issued to finance eligible infrastructure projects in Nigeria.
A statement explained that on account of the 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.
InfraCredit maintains a ‘AAA’ long-term national scale credit rating from Agusto & Co and GCR.
Chinua Azubike, the Managing Director/Chief Executive Officer of InfraCredit 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”.
Speaking on the investment, 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”.
He added that “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”.