GuarantCo Management Company strengthens Management Team with the appointment of Chinmay Naralkar as Chief Risk Officer

  • Date written
  • August, 2023

Chinmay Naralkar joins GMC as CRO

GuarantCo Management Company (GMC), GuarantCo’s fund manager and a subsidiary of Cardano Development, has appointed Chinmay Naralkar as Chief Risk Officer (CRO), effective 21st August 2023, to ensure that GuarantCo, a Private Infrastructure Development Group (PIDG) company, is well prepared to deliver against future growth opportunities to the benefit of local people across Africa and Asia.

Chinmay joins GuarantCo from ICICI Bank where he managed teams in India and the United Kingdom responsible for conceptualisation and implementation of enterprise risk management, stress testing, capital management frameworks and development of expected credit loss models for IFRS 9. During his career, he has also been responsible for credit underwriting and business development in corporate banking.

Chinmay has a Bachelor’s in Engineering from Mumbai University and an MBA from NMIMS University, Mumbai. He has been a CFA charter holder from the CFA Institute and a certified Financial Risk Manager from the Global Association of Risk Professionals.

In his new role, Chinmay will be part of the GMC Senior Management Team and the GMC Board. He will be working closely with various teams across GMC, PIDG and Cardano Development to lead all risk and compliance initiatives and will be responsible for developing risk strategies which ensure that GuarantCo and GMC operate within a defined risk appetite. He will also work closely with PIDG senior management as part of PIDG’s recently launched strategy.

Layth Al Falaki, CEO of GuarantCo, said:

We are delighted that Chinmay has joined GuarantCo Management Company.  Since 2005, GuarantCo has become renowned as a centre of excellence for infrastructure finance local currency credit solutions and is delivering on its mission to help alleviate poverty in lower income countries across Africa and Asia.  Chinmay’s extensive and relevant experience will make a significant contribution to furthering this mission. He will be pivotal in helping us develop the strategic direction of the business and deliver against our ambitious business plan”.


About GuarantCo

GuarantCo mobilises private sector local currency investment for infrastructure projects and supports the development of financial markets in lower income countries across Africa and Asia. GuarantCo is part of the Private Infrastructure Development Group (PIDG) and is funded by the governments of the United Kingdom, Switzerland, Australia and Sweden, through the PIDG Trust, the Netherlands, through FMO and the PIDG Trust, France through a stand-by facility and Global Affairs Canada through a repayable facility. GuarantCo is rated AA- by Fitch and A1 by Moody’s. GuarantCo’s activities are managed by GuarantCo Management Company which is part of Cardano Development


About PIDG

The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of pioneering, partnership, safety, inclusivity and urgency.


PIDG offers Technical Assistance for upstream, early-stage activities and concessional capital; its project development arm – which includes InfraCo Africa and InfraCo Asia – invests in early-stage project development and project and corporate equity. PIDG credit solutions include EAIF (the Emerging Africa Infrastructure Fund), one of the first and more successful blended debt fund in low-income markets; GuarantCo, its guarantee arm that provides credit enhancement and local currency solutions to de-risk projects; and a growing portfolio of local credit enhancement facilities, which unlocks domestic institutional capital for infrastructure financing.


Since 2002, PIDG has supported 211 infrastructure projects to financial close, which provided an estimated 222 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC.


About Cardano Development

GuarantCo is managed by a company with the Cardano Development (CD) group. CD is an incubator and fund manager, established in 2007. Through careful risk-management analysis in data poor settings, CD identifies scalable solutions that can help to make frontier financial markets more inclusive, investible, and sustainable to unlock lasting economic value. CD creates scalable solutions for currency, credit, and liquidity risks in these markets. With over USD 6 billion assets and USD 3.1 billion capital under management, CD supports eight scale-up ventures (TCX, GuarantCo, Frontclear, BIX Capital, ILX Fund, IMFact, AGRI3 Fund and Nyala Venture), and a number of new start-ups, with ongoing management support services and corporate governance oversight. For more information please visit