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 was established by the PIDG in 2006 to encourage infrastructure development in low income countries, through the provision of credit guarantees that enable infrastructure projects to raise debt finance. Since its inception, GuarantCo has provided guarantees to a total value of around US$700m. GuarantCo’s involvement in water, road and rural electrification projects in Africa and Asia has ensured access to vital infrastructure for local populations.
InfraCo Africa was established in 2004 to provide the early stage risk capital, private sector development expertise and the highest operating standards, to develop infrastructure projects across a range of sectors in sub-Saharan Africa. To date, its projects have mobilised over US$2bn of investment and provided new infrastructure for approximately 13m people, improving living standards and powering economic growth in the region.
The local team will enhance PIDG’s engagement with local markets, originate new deals, mobilise private capital and be able to respond rapidly and flexibly to the needs of their existing project portfolios. Having a local presence in East and Southern Africa will also strengthen relationships with regional partners, governments, and investors.
"We are pleased to further strengthen our presence in the region with our new address where we will be co-located with InfraCo Africa, a specialised financing and project development company designed to assume the risks and costs of early stage development. This office demonstrates GuarantCo’s commitment to the region to catalyse the delivery and roll out of infrastructure projects and help support the development of the local capital markets to deliver solutions that benefit society" (Janice Kotut, Regional Director, East and Southern Africa, GuarantCo).
Speaking at the office launch, Brian Count, InfraCo Africa’s Chairman said: "We are delighted to establish a joint base in Nairobi alongside our sister PIDG company, GuarantCo, which will create opportunities to leverage the complementary work of the two companies, the wider PIDG and its Donors, working with the private sector to deliver more infrastructure for East and Southern Africa. We believe that a Nairobi office will allow us to better identify project opportunities and develop better relations with both our key partners and decision makers"
GuarantCo and InfraCo Africa are 100% owned by the PIDG and funded by:
GuarantCo is part of the multilateral Private Infrastructure Development Group (PIDG), providing local currency guarantees to regional banks and bond investors, to help infrastructure projects raise debt finance. Founded in 2006, GuarantCo has to date provided 41 guarantees to a total value of around USD 700m. Those guarantees have supported water, road and rural electrification projects in Africa and Asia improving access to critical infrastructure for the local population. Although GuarantCo can provide dollar-denominated guarantees in fragile and conflict-affected states its secondary mission is to ‘de-dollarise’ infrastructure projects to help local capital markets develop. GuarantCo is one-of-a-kind – the only local currency guarantee facility in the world targeting infrastructure in frontier markets. GuarantCo is funded by the UK (DFID), Switzerland (SECO), Sweden (Sida), the Netherlands (DGIS through FMO) and Australia (DFAT). See GuarantCo’s chapter in PIDG’s 2016 Annual Report to learn more about its cumulative development results.
To find out more visit: www.guarantco.com
About InfraCo Africa
InfraCo Africa is part of the multilateral Private Infrastructure Development Group (PIDG). InfraCo Africa seeks to alleviate poverty by mobilising private investment into infrastructure projects in sub-Saharan Africa’s poorest countries. It addresses the risks and costs of early-stage project development: funding teams of experienced developers and providing risk capital to those projects which need the financial commitment and leverage that InfraCo Africa can bring. InfraCo Africa is funded by the UK (DFID), Switzerland (SECO), and the Ministry of the Netherlands. See InfraCo Africa’s chapter in PIDG’s 2016 Annual Report to learn more about its cumulative development results.
To find out more visit: www.infracoafrica.com
The Private Infrastructure Development Group (PIDG): PIDG encourages and mobilises private investment in infrastructure in the frontier markets of sub-Saharan Africa, south and south-east Asia, to help promote economic development and combat poverty. Since 2002, PIDG has supported 154 infrastructure projects to financial close and provided 222 million people with access to new or improved infrastructure. PIDG is funded by donors from seven countries (UK, Switzerland, Australia, Norway, Sweden, Netherlands, Germany) and the World Bank Group.
To find out more visit: www.pidg.org
Nairobi Office Address:
Janice Kotut, Regional Director, East and Southern Africa, GuarantCo
Bertrand Belben, Senior Business Development Manager, East and Southern Africa, InfraCo Africa
4th Floor, 9 Riverside,
For more information please contact:
Head of Communications
Private Infrastructure Development Group
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.