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Infrastructure Components and Equipment

Senior Debt Provided

US$20 million

African Foundries have developed a steel mill in Nigeria that recycles scrap metal, turning it into “rebars”. These are used to reinforce concrete, which is used for a multitude of purposes when developing infrastructure, including dams, tunnels, ports and harbours, roads, airports, railways and large buildings like power stations and water treatment facilities.

The plant, which has the potential to employ 500 people, helps rid Nigeria of vast amounts of scrap metal that have accumulated over many decades. Producing c225,000 tonnes of steel annually, the output cuts Nigeria’s dependency on imports. The electricity to power the plant comes from a power station fuelled by natural gas that would be otherwise flared-off and wasted. EAIF provided a US$20 million loan to the project, which had a total transaction size of US$130 million.

Other projects

The Emerging Africa Infrastructure Fund has to date invested in 58 projects in 17 countries.

First new generation large cement plant for the Democratic Republic of Congo

Country: Democratic Republic of Congo / Sector: Infrastructure Components and Equipment

It is at least 40 years since the Democratic Republic of Congo (DRC) had a new large cement plant. It is a sign of confidence in the economy that a private sector foreign direct investor decided to build a new facility.

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Water, power and transport for one of Uganda’s poorest regions

Country: Uganda / Sector: Power Transport Water & Waste Treatment

Kalangala is the capital of Bugala Island, the largest of the Sesese Islands on Uganda’s Lake Victoria. Since 2011 the EAIF has loaned US$7 million to two infrastructure projects with a total value of US$50 million. Land and water transport has been modernised.

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Accessing more affordable, more reliable electricity for tens of millions of people.

Country: Nigeria / Sector: Power

Raising long-term loan finance can still be difficult in many parts of sub-Saharan Africa, as was the case with the 2014 financing of a 450MW gas fired independent power plant in Nigeria. In addition to providing senior and subordinated loans totalling US$30 million, EAIF played a key role in negotiating the loan structure, which significantly contributed towards the project going forward.

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