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.

  • The Emerging Africa Infrastructure Fund (EAIF)

    EAIF provides long-term foreign currency loans in sub-Saharan Africa.


    At a glance

    Established2001
    PIDG members currently fundingUK aid, DGIS, Sida, SECO
    Cumulative PIDG member funding$391.9m
    Fund capacityAs of 31 December 2017, $310m (equivalent) of debt has been raised, denominated in $ and €
    ChairPatrick Crawford
    Managed byInvestec 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

    2017Cumulative
    Financially closed and/or fully exited projects871
    Total Investment Commitments (TICs) ($m)1,507.117,187.3
    Private Sector Investments commitments ($m)791.410,827.8
    % of TICs in DAC I/II*73%
    % of TICs in FCAS**69%
    Access (in millions)10.8128.6
    Job creation: short-term2,60218,391
    Job creation: long-term78721,078
    Fiscal benefits ($m)77.01,609.7

    * 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

  • GuarantCo

    GuarantCo provides innovative local currency contingent credit solutions, including guarantees to banks and bond investors to develop local capital markets.


    At a glance

    Established2006
    PIDG members currently fundingUK aid, Sida, SECO through the PIDG Trust, DGIS through FMO, and DFAT
    Cumulative PIDG member funding$309.6m
    Fund capacityCapacity of over $1bn
    ChairYukiko Omura
    Managed byGuarantCo 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

    2017Cumulative
    Financially closed and/or fully exited projects745
    Total Investment Commitments (TICs) ($m)7605,225.30
    Private Sector Investments commitments ($m)640.64,375.0
    % of TICs in DAC I/II94%
    % of TICs in FCAS40%
    Access (in millions)2.339.5
    Job creation: short-term3,58410,449
    Job creation: long-term9,366221,421
    Fiscal benefits ($m)15.61,690.10

    * 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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