Understanding InfraCredit Loan Approval

The InfraCredit Loan approval was carried out in a way designed to help strengthen capital base.

Flippstack understands that the sum of $15 million subordinated loan was approved by the Board of Directors of the African Development Bank InfraCredit to enable it tighten Nigeria’s infrastructure financing gap.

The Director General of African Development Bank, Lamin Barrow, in charge of the department in Nigeria, said, “The African Development Bank is pleased to continue to support an innovative financial institution – InfraCredit –which has objectives that align closely with our priorities to mobilize institutional financing for the delivery of infrastructure for Nigeria in key sectors including transport, energy, water, agriculture and infrastructure.”

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According to Barrow, financing will enable InfraCredit to leverage domestic capital markets to bolster access to long-term local currency infrastructure financing in Nigeria.

The Chief Executive Officer, InfraCredit, Chinua Azubike, said, “We are delighted and very pleased with the confidence that AfDB has demonstrated in the opportunity ahead for InfraCredit to scale its development impact of unlocking domestic institutional investments for long-term local currency infrastructure finance in Nigeria that will create jobs and support local economic growth.”

The African Development Bank Acting Director for Financial Sector Development, Ahmed Attout,, said, “The support demonstrates our continuing confidence in InfraCredit and recognition of the role it plays in Nigeria’s infrastructure development.“The African Development Bank is committed to capacitating the various players within Africa’s capital markets and stimulating the mobilization of long-term funding into Africa’s infrastructure.”