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GuarantCo supports a South African Finance Company

In September 2010 GuarantCo joined Investec, FMO and the Infrastructure Crisis Facility (ICF) in providing a ZAR 760m facility to a South African Finance Company (SAFCO) (names and other details withheld due to confidentiality reasons).

The facility was part of SAFCO’s larger debt raising program of the Company, and was joint arranged by FMO. The facility included ZAR 635 million of senior loans, with participations from GuarantCo, FMO and ICF, and a further ZAR 125 million of mezzanine financing provided by Investec Asset Management.

SAFCO helps to finance a critical sector that employs and is utilised by the majority of South Africans. SAFCO has provided seed capital to at least 20,000 broad based black SMMEs (all of whom are previously disadvantaged individuals).

South Africa, being an upper middle income country, would not normally qualify for support from GuarantCo. However, given the pro-poor nature of the financing and the company’s inability to access the local markets following the financial crisis, GuarantCo obtained special approval from its shareholders to support the financing.

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GuarantCo supports a South African Finance Company

In September 2010 GuarantCo joined Investec, FMO and the Infrastructure Crisis Facility (ICF) in providing a ZAR 760m facility to a South African Finance Company (SAFCO) (names and other details withheld due to confidentiality reasons).

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