Lagos, Nigeria: Infrastructure Credit Guarantee Company Limited (“InfraCredit”) is pleased to announce the successful second round closing of €23.5 million (USD Equivalent) subordinated capital investment by its existing investor, KfW Development Bank (“KfW”), the largest development bank in Europe.
The Government of the Federal Republic of Germany through KfW Development Bank has invested an additional EUR€23.5 million (USD Equivalent) 10-year subordinated unsecured capital in further support of InfraCredit, to increase its capitalisation and strengthen its balance sheet, as it continues to grow its guarantee portfolio. The investment is accompanied by a EUR €0.75 million technical assistance grant funds to support InfraCredit’s market development and capacity building programme. The subordinated unsecured long-term capital will rank as qualifying capital for capital adequacy and financial leverage purposes.
In October 2018, KfW Development Bank made an initial subordinated capital investment of €31million (USD Equivalent) in InfraCredit. The financial cooperation is coherent with the goals of the 2030 Agenda (SDGs), and will make a major contribution to job creation and sustainable economic growth (SDG 8) and promotion of innovations and the expansion of infrastructure (SDG 9).
In a statement from the Managing Director/Chief Executive Officer of InfraCredit, Chinua Azubike, the CEO said “We are delighted and extremely pleased with the confidence that a respected, long-term oriented development institution like KfW has demonstrated in the vast opportunity ahead for InfraCredit, this second round investment is a strong signal of KfW’s commitment to the long-term strategic growth of InfraCredit and the development of long term local currency infrastructure finance in Nigeria”
According to Jan Martin Witte Director, Central Africa & Regional Funds of KfW, ‘’We are very proud to partner with InfraCredit to promote sustainable infrastructure investments in local currency in Nigeria. Today, we signed an additional subordinated loan facility with InfraCredit worth EUR€23.5 million“
This announcement is for information purposes only. No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted.
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