Monday, September 16, 2019 UTC
Recognized by industry leaders for extensive coverage on African Asset Management

AGF 2019 Events - October 24th, Radisson Blu Hotel, Johannesburg

AGF Forum: PE Fund Operations

The 2019 AGF Forum will assemble cutting-edge thinkers, management of leading Private Equity Firms (CFOs, COOs, CTOs), and Asset Managers to discuss the major developments that affect private investment fund operations.

8AM - 5PM

More Info

AGF Service Providers Awards

The 4th edition of the prestigious Awards has opened for entries in the build up to the Awards night in Johannesburg, South Africa. Deadline for submissions: September 1st; judging period is from July 2018 to June 2019.

7PM - 11PM

Submissions Open
News > Private Equity > Deals

EAIF invests in GAC

Africa Global Funds
May 30, 2019, 2:51 p.m.

Word count: 314

The Emerging Africa Infrastructure Fund (EAIF), part of the Private Infrastructure Development Group (PIDG), has lent the Guinea Alumina Corporation (GAC) $40m over 14 years, as part of a $750m debt package being led by the International Finance Corporation (IFC).

Receive ONE magazine and TWO locked articles of your choice for FREE when you register an account
Share:

The Emerging Africa Infrastructure Fund (EAIF), part of the Private Infrastructure Development Group (PIDG), has lent the Guinea Alumina Corporation (GAC) $40m over 14 years, as part of a $750m debt package being led by the International Finance Corporation (IFC).

The project will see expanded rail and port facilities in Guinea driving economic growth in one of Africa’s poorest countries.

The majority of the capital will be used to finance port and marine facilities, the railway and associated infrastructure. 

The development of a greenfield bauxite mine, that will produce 12 metric tonnes of bauxite a year for export, will account for some 6% of the investment.

Financial close was achieved on April 26.

Efficiently moving high volumes of crushed bauxite from the mine to the port requires the existing railway line to be upgraded and 27.7km of new tracks laid.

The railway is currently used by passenger and goods traffic.

The additional and more efficient rail capacity is expected to deliver more economic activity and greater passenger traffic.

A 2.7km ‘marine trestle’ is under construction at Kamsar port.

It will transport the bauxite from the port railhead to barges.

A multi-use container quay, currently being utilised by GAC, was completed in 2016.

As the local economy strengthens, the new infrastructure has the potential to stimulate the creation of a trade corridor in the region and open up the container facility to more local and international traffic.

Guinea’s main port of Conakry is 250km away, so the Kamsar port offers strong future potential for growth.

Emilio Cattaneo, EAIF Executive Director, said: “This project aligns with PIDG’s focus on infrastructure development in the world’s poorest countries, and once completed, is expected to add at least 3% to GDP. Construction work has already well advanced, and at peak employed over 4,600 people. The mine and its allied infrastructure will provide permanent jobs to approximately 1,000 people.”

Registration Login
Sign in with social account
or
Lost your Password?
Registration Login
Sign in with social account
or
Registration Login
Registration