In an effort to strengthen its capital base and help fill the infrastructure financing gap in Nigeria, the Board of Directors of the African Development Bank (AfDB) has approved a $15 million subordinated loan to Infrastructure Credit Guarantee Company Limited (InfraCredit

The $15 million funding provided to Infrastructure Credit Guarantee Company Limited (InfraCredit) will allow InfraCredit to take advantage of domestic capital markets to increase access to long-term local currency finance for infrastructures in Nigeria. This loan comes at a time when InfraCredit is seeking to raise capital to invest an additional $375 million in infrastructure over the next few years, primarily drawing on private sector funding.