Moody’s has affirmed the long-term foreign-currency issuer ranking 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 robust capital place and extremely rated shareholder base.
Based in 1991, EAIF says has concluded 9 rounds of elevating funds for infrastructure improvement previously twenty years.
World ranking company Moody’s has affirmed the Rising Africa Infrastructure Fund (EAIF) long-term foreign-currency issuer ranking at A2, with a steady outlook.
In line with the Jo’burg-based fund, this endorsement indicators its “robust 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 document of efficiency – regardless of a difficult macroeconomic working atmosphere – has been mirrored in our retention of the A2 ranking,” stated Martijn Proos, Co-head of Rising Market Different 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 nations, 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 capacity to boost funding from a bunch of prestigious industrial and institutional traders.”
“It additionally underscores the Fund’s constant observe document of efficiency since Moody’s first issued the A2 ranking in 2022,” the Fund defined.
EAIF give attention to initiatives in Africa
Tasks in vitality, transportation, mining and agriculture are a number 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, fuel transportation, water and waste administration in addition to infrastructure tools investments.
Final 12 months, 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 current funding highlights by the EAIF are:
— $50 million in direction of Africa’s first absolutely 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 improvement 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 relies in Bokhol, Senegal.
— €46 million financing for the extension and improve of the A1 motorway in Dakar, Senegal. This would be the first toll street 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 ability sector, and contribute in direction of constructing common entry to electrical energy in Ivory Coast.
Key traders the place EAIF has been drawing financing
A few of the key traders beneath its portfolio are insurance coverage big 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 improvement previously twenty 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 straight benefited 159 million individuals 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 12 months, EAIF stated it raised a complete of $294 million in debt, marking a historic milestone as certainly one of its largest capital raised in recent times.
Learn additionally: G7 Summit: Ruto requires Africa’s long-term monetary entry and infrastructure funding
