The Board of Directors of the African Development Bank (AfDB) has approved a $15 million subordinated loan for 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 special­ised Nigerian credit guaran­tee company that mobilises long-term capital from insti­tutional investors, including pension funds 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.

Lamin Barrow, Director General of the Bank’s Nigeria Country Department, said, “The African Development Bank is pleased to continue to support an innovative finan­cial institution – InfraCredit –which has objectives that align closely with our prior­ities to mobilise 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 fit with the African Development Bank’s commitments to pro­mote low-carbon development and mitigation, leveraging climate finance from private sector sources, Barrow said.

Chinua Azubike, Infra­Credit CEO, 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 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.”

Ahmed Attout, African Development Bank Acting Di­rector for Financial Sector De­velopment, said, “The support demonstrates our continuing confidence in InfraCredit and recognition of the role it plays in Nigeria’s infrastructure development. The African Development Bank is commit­ted to capacitating the various players within Africa’s capital markets and stimulating the mobilisation of long-term funding into Africa’s infra­structure.”

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