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55 Skip to content × search Menu × search * News * Entertainment * Business * Politics * City Beats * Opinion * Sports * About us * Advert Rates * News * Entertainment * Business * Politics * City Beats * Opinion * Sports * About us * Advert Rates AFDB OKAYS $15M TO CLOSE NIGERIA’S INFRASTRUCTURE GAP Lucas Ajanaku * * * May 19, 2023 The board of African Development Bank (AfDB) has approved a $15 million subordinated loan to Infrastructure Credit Guarantee Company Limited (InfraCredit) to strengthen its capital base and help close Nigeria’s infrastructure financing gap. The financing will enable InfraCredit to leverage domestic capital markets to bolster access to long-term local currency infrastructure financing in Nigeria. It complements a 2019 investment into InfraCredit made by the AfDB and other partners to help unlock domestic institutional capital for infrastructure. InfraCredit is a specialized Nigerian credit guarantee company that mobilizes long-term capital from institutional investors, including pension fund and insurance companies, to support infrastructure projects. The loan comes at a time when InfraCredit is seeking to raise capital to finance an additional $375 million in infrastructure over the next few years, primarily by leveraging private sector financing. Director-General of the bank’s Nigeria Country Department, Lamin Barrow, said: “The AfDB is pleased to continue to support an innovative financial institution – InfraCredit -which has objectives that align closely with our priorities to mobilize institutional financing for the delivery of infrastructure for Nigeria in key sectors including transport, energy, water, agriculture and infrastructure.” The company’s green finance track record and commitments under its Clean Energy Transition Strategy and Roadmap and Green Finance Framework fits with the African Development Bank’s commitments to promote low-carbon development and mitigation, leveraging climate finance from private sector sources, Barrow said. Also speaking on the facility, InfraCredit CEO, Chinua Azubike, said: “We are delighted and very pleased with the confidence that AfDB has demonstrated in the opportunity ahead for InfraCredit to scale its development impact of unlocking domestic institutional investments for long-term local currency infrastructure finance in Nigeria that will create jobs and support local economic growth. This second round (of) investment will strengthen our guarantee issuing capacity and bring AfDB’s total investments in InfraCredit to $25 million, which is a strong signal of commitment to the long-term growth of InfraCredit and the Nigerian economy.” AfDB Acting Director for Financial Sector Development, Ahmed Attout, said: “The support demonstrates our continuing confidence in InfraCredit and recognition of the role it plays in Nigeria’s infrastructure development. The AfDB is committed to capacitating the various players within Africa’s capital markets and stimulating the mobilization of long-term funding into Africa’s infrastructure.” YouTube Channel Error loading media Special BBC report on Nigeria's presidential poll unstick Share this video Copy PausePlay 00:00% Buffered100 PreviousPausePlayNext Live 00:00 / 06:55 UnmuteMute SettingsExit fullscreenFullscreen Copy video url Play / Pause Mute / Unmute Report a problem Language Back Default English Español Українська Русский Share Back Facebook Twitter Linkedin Email Vidverto Player The partnership advances a number of strategic objectives under the Bank’s current Country Strategy Paper for Nigeria, which includes helping to stimulate local currency bond market financing across diverse infrastructure sectors, as well as enhancing economic diversification and competitiveness in the country. The strategy also prioritizes delivery of infrastructure for transport, energy, water and sanitation, agriculture, industry and social development. The intervention is also aligned with the Nigeria’s National Development Plan which envisages strong private sector resource mobilization and participation in the delivery of the priorities of the plan including for investment in infrastructure, promotion of financial sector and capital market development in the country. Ads by Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x / Skip Ads by By de-risking local currency debt instruments (primarily bonds), InfraCredit channels financing to infrastructure projects, including green and climate-aligned projects in Nigeria. Infrastructure Credit Guarantee Company Limited was founded in 2016 by the Nigerian Sovereign Investment Authority (NSIA) in collaboration with GuarantCo (part of the Private Infrastructure Development Group). 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JUST IN MALI, BUKINA FASO DEPLOY WARPLANES AS ABDULSALAMI LEADS ECOWAS DELEGATION TO NIGER 2 HOURS AGO GUNMEN ABDUCT PASTOR’S WIFE, TWO OTHERS IN KWARA 3 HOURS AGO IKE EKWEREMADU, WIFE ABSENT AS SON WEDS HEARTHROB TIFFANY 3 HOURS AGO OSIMHEN BRACE EARNS NAPOLI COMEBACK WIN IN SERIE A OPENER 3 HOURS AGO EPL: TOTTENHAM HUMILIATE MANCHESTER UNITED 2-0 3 HOURS AGO COMPANY * About us * Advert Rates * Privacy Policy QUICK LINKS * News * Sports * Business * City Beats * Entertainment * Politics COLUMNS * Monday * Tuesday * Wednesday * Thursday * Friday * Saturday * Sunday 2023 The Nation Newspaper, Ltd. All Right Reserved. Made by Huge. word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 × search Menu × search More stories to check out before you go Keep on reading UK shuts down Nigerian-owned church for alleged fraud The Nation NewspaperUK shuts down Nigerian-owned church for alleged fraudA High Court in the United Kingdom (UK) has ordered the closure of a Nigerian-owned church, Salvation Proclaimer Ministries Limited a.k.a. 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