EAIF completes $294m debt raise from Allianz, Standard Bank and KfW
EAIF completes $294m debt raise from Allianz, Standard Bank and KfW
The Emerging Africa Infrastructure Fund has raised $294 million of additional debt facilities.
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The Emerging Africa Infrastructure Fund (EAIF) has raised $294 million of additional debt facilities, achieving over half of the fund's target to raise $500 million by 2025.
Allianz Global Investors (AllianzGI) led the financing on behalf of Allianz Group, one of the world's leading insurers and asset managers, committing a further €75 million and $50 million to EAIF. Standard Bank, Africa's largest lender by assets, provided a $75 million multicurrency revolving credit facility with sustainability-linked features and a $25 million sustainability-linked term debt facility. KfW, the German state-owned development bank, committed a further €60 million loan to EAIF.
Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, the fund manager for the EAIF said, “Over the last 20 years, we've developed a diverse portfolio, a unique business model and a distinct approach to investing for impact and returns, whilst maintaining a minimal default rate. The debt financing is a significant milestone and sign of private investor confidence that strengthens our ability to pioneer new models for infrastructure development - enabling the delivery of transformative projects in dynamic geographies, sectors and complex environments that otherwise would not be bankable. We thank Allianz, Standard Bank and KfW for their continued support.”
Aislinn Baker, Portfolio Manager, Development Finance, at AllianzGI said, “We are delighted to see how the EAIF has been helping to unlock Africa’s potential over the last five years which underlines the decisive role private capital plays in blended finance. As one of the early movers in this area, we look forward to seeing how the projects financed by the EAIF will contribute to the further development of infrastructure assets and the energy transition on the continent and facilitate Allianz’s sustainable investment objectives in emerging markets.”
Andrew Pearce, Head of Leveraged Finance, Corporate and Investment Banking at Standard Bank said, “Standard Bank's sustainability-linked loans for EAIF reaffirm our commitment to the sustainable economic development of Africa and align with Standard Bank, EAIF and Ninety One's shared ambition. Our footprint and expertise across the continent demonstrate that we see Africa's development as intricately tied to advancing its infrastructure. Through our partnerships, we provide innovative solutions that offer value and transform Africa's economy. This facility aligns with our strategic objective to deliver structured capital solutions that combine our clients' sustainability strategy with our banking solutions and enhance value for our clients, businesses, and society.”
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