Finance

The African Development Bank and Infrastructure Credit Guarantee Company Limited (InfraCredit) have signed an agreement for a $15 million subordinated loan facility to strengthen InfraCredit's capital base and attract institutional investors’ resources to help close Nigeria's infrastructure financing gap. Lamin Barrow, Director General of the African Development Bank's Nigeria Country Department, and Chinua Azubike, CEO of InfraCredit, signed the agreement in Lagos on 14 June 2024. The facility will boost InfraCredit’s efforts to unlock additional long-term local currency financing through the capital markets for infrastructure projects, primarily by leveraging pools of capital from pension funds and other institutional investors in…