- Moody’s has affirmed the long-term foreign-currency issuer score of the Rising Africa Infrastructure Fund (EAIF), a multi-donor financing mobilizer, at A2, with a steady outlook.
- EAIF says this endorsement is a pointer to its sturdy capital place and extremely rated shareholder base.
- Based in 1991, EAIF says has concluded 9 rounds of elevating funds for infrastructure growth previously 20 years.
World score company Moody’s has affirmed the Rising Africa Infrastructure Fund (EAIF) long-term foreign-currency issuer score at A2, with a steady outlook.
Based on the Jo’burg-based fund, this endorsement indicators its “sturdy capital place, and extremely rated shareholder base,” a pointer to resilience in Africa’s infrastructure financing market.
“We’re delighted that EAIF’s constant observe file of efficiency – regardless of a difficult macroeconomic working setting – has been mirrored in our retention of the A2 score,” stated Martijn Proos, Co-head of Rising Market Various Credit score at Ninety One, the fund supervisor for the EAIF.
“We already present long-term, affected person capital to transformative infrastructure initiatives in 20 African international locations, and we’re advancing plans to enter chosen rising and frontier markets in South and Southeast Asia,” Proos added.
In an replace, EAIF additionally attributed the endorsement to its broad portfolio and “confirmed means to boost funding from a bunch of prestigious industrial and institutional traders.”
“It additionally underscores the Fund’s constant observe file of efficiency since Moody’s first issued the A2 score in 2022,” the Fund defined.
EAIF give attention to initiatives in Africa
Initiatives in vitality, transportation, mining and agriculture are a few of the key industries throughout economies in Africa the place the EAIF directs its financing. Different industries inside its portfolio of financing now an estimated $1.05 billion are telecoms, gasoline transportation, water and waste administration in addition to infrastructure tools investments.
Final yr, EAIF dedicated over $274 million unfold alongside 9 new infrastructure funding offers in 10 African economies. The fund channeled the financing to digital and cloud applied sciences, transport, and energy/vitality sectors.
Different latest funding highlights by the EAIF are:
— $50 million in the direction of Africa’s first totally electrical public bus community in Dakar Metropolis, Senegal.
— $33 million sustainability-linked mortgage to Raxio Group, which is a pan-African information centre developer and operator.
— $30 million mortgage to Eastcastle Infrastructure, an organization that owns, operates, and develops shared telecom tower infrastructure throughout Africa
— €35 million senior mortgage for growth of Ivory Coasts’ 46MW biomass energy plant, the biggest facility in West Africa.
— €11.5 million mortgage for the event of West Africa’s first project-financed photo voltaic PV plant and battery vitality storage system. This plant is predicated in Bokhol, Senegal.
— €46 million financing for the extension and improve of the A1 motorway in Dakar, Senegal. This would be the first toll highway undertaking in Western Africa beneath a public-private partnership (PPP) association.
— $48 million to launch West Africa’s first-ever social asset-backed safety, modernize the facility sector, and contribute in the direction of constructing common entry to electrical energy in Ivory Coast.
Key traders the place EAIF has been drawing financing
A number of the key traders beneath its portfolio are insurance coverage large Allianz, the UK’s Division for Worldwide Improvement, the Swiss State Secretariat for Financial Affairs, and the Swedish Worldwide Improvement Cooperation Company.
Others are the Dutch Directorate-Common for Worldwide Cooperation, the Dutch Improvement Financial institution, the German Improvement Financial institution, and the African Improvement Financial institution Group.
Based in 1991, EAIF says that it has concluded a complete of 9 rounds of elevating funds for infrastructure growth previously 20 years. EAIF has raised over $1.68 billion from a variety of approaches together with direct overseas investments, industrial lenders and financing from institutional traders.
“Our efforts have instantly benefited 159 million folks by way of EAIF-funded initiatives, and we’re able to do extra as we advance our plans to enter chosen rising and frontier markets in South and Southeast Asia,” the Fund famous in an replace.
Final yr, EAIF stated it raised a complete of $294 million in debt, marking a historic milestone as one among its largest capital raised in recent times.
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