A new credit enhancement facility has been launched by the government’s Nigeria Sovereign Investment Authority (NSIA) and GuarantCo, part of the Private Infrastructure Development Group.
The InfraCredit vehicle, led by Chinua Azubike, will provide guarantees to local currency debt, including corporate and state bonds, for infrastructure. Azuibike was previously managing director at Dunn Loren Merrifield Advisory Partners and local bank UBA.
InfraCredit will be capitalised with up to US$200m paid-in equity and “second loss” contingent capital from NSIA (US$25m naira-equivalent), Guarantco (US$50m) and institutional investors and development finance institutions, with Guarantco as lead arranger, and will begin operations in Q2 this year.
© Reuters News
Wednesday 25 January 2017
Nigerian credit enhancement launched
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