InfraCo Africa to invest US$15 million into guarantee company
Cardano Development (CD) has announced that InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), will invest US$15 million into a newly established guarantee company, alongside a US$5 million commitment from CD.
The new company was created by InfraCo Africa and Cardano Development with the support of PIDG and FSD Africa, modeled on InfraCredit Nigeria and InfraZamin Pakistan, with the aim of attracting local capital to sustainable infrastructure and projects that aim to mitigate the effects of climate change. For the new company, FSD Africa has provided grant funding of almost US$297,000 and GuarantCo is considering the possibility of providing a contingent capital facility to the company.
The investment was made as part of a KES500 billion (US$4 billion) package of new investment from the UK to support Kenya’s leadership on climate change. The initial focus of the company's operations will be in Kenya.
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