Sustainable infrastructure development in Nigeria has received financial backing designed to unlock local currency funding into the sector. FSD Africa Investments, in partnership with InfraCredit, have invested £10 million (around $12.6m) into a risk-sharing backstop facility. The investment is backed by the UK International Development through the Foreign, Commonwealth & Development Office (FCDO). “The Risk Sharing Backstop Facility (RSBF) will address the challenge of low credit enhancement by mobilising local institutional investment via bonds into viable early-stage or green-field climate-aligned infrastructure projects,” said the FCDO. “By increasing the accessibility of finance for climate-aligned infrastructure projects, the facility will help Nigeria accelerate social and economic development, green economic transition as well as deliver on climate goals,” it added.

Source: The North Africa Journal August 03, 2023 10:38 UTC