Credit Solutions
PIDG’s Credit Solutions business will address a shortage of long-term, patient funding and a lack of local currency financing and local capital market development for private sector infrastructure projects in developing countries.
They will provide funded and contingent hard currency and local currency credit solutions, with a focus on increasing local participation in both contingent and funded local currency financing solutions.
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The Emerging Africa Infrastructure Fund (EAIF)
EAIF provides long-term foreign currency loans in sub-Saharan Africa.
At a glance
Established 2001 PIDG members currently funding UK aid, DGIS, Sida, SECO Cumulative PIDG member funding $391.9m Fund capacity As of 31 December 2017, $310m (equivalent) of debt has been raised, denominated in $ and € Chair Patrick Crawford Managed by Investec Asset Management Ltd Total commitments as at 31 Dec 2017 $1,344.2m to 71 projects that have reached financial close or been repaid 2017 commitments $178.1m to 8 projects that reached financial close, and $21m in additional refinancing to existing projects
Expected development impact
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* There were two refinancing of already-existing projects that occurred during 2017 – for Bugoye and Indorama Eleme Fertiliser – the increases to the TICs and P esulting from these have been included in the cumulative figures
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GuarantCo
GuarantCo provides innovative local currency contingent credit solutions, including guarantees to banks and bond investors to develop local capital markets.
At a glance
Established 2006 PIDG members currently funding UK aid, Sida, SECO through the PIDG Trust, DGIS through FMO, and DFAT Cumulative PIDG member funding $309.6m Fund capacity Capacity of over $1bn Chair Yukiko Omura Managed by GuarantCo Management Company Ltd Total commitments as at 31 Dec 2017 $886.1m to 45 projects for which GuarantCo has signed a Recourse Agreement and/or have reached financial close 2017 commitments $245.1m to 7 projects for which GuarantCo has signed a Recourse Agreement and/or reached financial close
Expected development impact
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* All GuarantCo projects have been made in DAC I/II/III except for 3 projects in South Africa and 1 project in Gabon, where the donors gave specific permission
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