Nigeria’s Infrastructure Credit Guarantee Company, InfraCredit, has revealed plans to raise funding through debt and equity capital to fund infrastructure projects in Nigeria in 2021. The company plans to increase its guarantee portfolio to N100 billion by 2021 and raise $40 million in funding.
This was
disclosed by Chinua Azubike, CEO of InfraCredit, in an interview with Bloomberg on Thursday.
“You need access to funding to kick-start the economy,” Azubike said. He revealed plans to increase its guarantee portfolio to N100billion naira in 2021 and also raise capital of $40 million, which would be used for infrastructure financing in Nigeria.
He added that apart from Infrastructure, it has its sight on telecommunications, health care, and agriculture projects in 2021, which could help clients raise as much as 20-year funds in the local debt market.
“In addition to our guarantee services, we work with our development partners to render technical assistance to companies to come up with bankable projects,” he said.
READ: FG approves N75 billion investment fund for youth-driven enterprise
What you should know
Nairametrics
reported last week that President Muhammadu Buhari approved the establishment of an infrastructure company that will be wholly focused on critical infrastructural investments in the country.
The Presidency in a tweet post said, “President Buhari has approved the establishment of an Infrastructure Company, wholly focused on critical infrastructural investments in Nigeria. This Infrastructure company will raise funding from Central bank of Nigeria, Nigeria Sovereign Investment Authority, Pension funds, and local and foreign private sector development financiers.”
