Nairobi, Kenya: GuarantCo and InfraCo Africa yesterday marked the official opening of their first Africa office, which will cover East and Southern Africa from Nairobi. Both companies are part of the London-based multilateral Private Infrastructure Development Group (PIDG), which has been active in the region for more than 15 years.
GuarantCo, the world’s leading local currency guarantee facility, has received a further AUD4m from DFAT to support its continued growth. GuarantCo is also backed by the UK (DFID), Switzerland (SECO), Sweden (Sida), through the multilateral Private Infrastructure Development Group (PIDG), and the Netherlands (DGIS) through FMO. This recent funding allocation blends well with GuarantCo’s ambition to expand its operations in Asia and the Pacific to address existing constraints in local currency debt financing for infrastructure projects. "GuarantCo is grateful for the further funding received from DFAT and its continued support. We continue to seek to expand GuarantCo's activities in Asia and the Pacific following the recent opening of our office in Singapore" stated Mr. Andy Bainbridge, Chairman, GuarantCo Board.
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PIDG company GuarantCo has provided a 13-year Debt Service Reserve Account guarantee (‘’DSRA’’) for USD 4.06 million on behalf of Albatros Energy Mali SA (‘’AEM’’). The DSRA guarantee is in favour of various lenders and regional development funds. The guarantee will facilitate the construction of a 90MW HFO fired power plant, in the Kayes region of Mali. AEM holds a concession agreement with the Government of Mali (‘’GoM’’) to build, operate & transfer the power plant, which will cost an estimated USD 124.7 million.
GuarantCo, part of the Private Infrastructure Development Group (“PIDG”), was established to help address and overcome existing constraints in the supply of local financing to infrastructure projects and to support the development of local financial markets in low income countries.
London, March 31 2017
GuarantCo has signed a Memorandum of Understanding (MoU) today at London Stock Exchange, the signing was witnessed by the UK Secretary of State for International Development Priti Patel.
For Immediate Release
Byco Oil Pakistan Limited (“BOPL”) has successfully issued its first privately placed Sukuk for PKR 3,120mln. The issue, subscribed by a wide range of local investors, is rated AAA by PACRA and 100% backed by a guarantee from the Private Infrastructure Development Group’s guarantee company GuarantCo.
The Sukuk supports a refinery upgradation programme which will provide additional fuel for energy and transportation to support the country’s economic growth. The funds will enable Byco’s flagship refinery in Balochistan, south-west Pakistan, to increase production rates through completion of its platformer, improve energy efficiency and expand storage facilities.
In a statement, Lasitha Perera, Chief Executive Officer of GuarantCo said: "The success of the Byco Sukuk, the first of its kind, delivers on GuarantCo's commitment to provide local currency credit enhancement that enables investors to participate in long term infrastructure projects in Pakistan."
"We are pleased to be supporting a key provider of fuel for Pakistan’s homes and businesses" he added.