Bridge

Our Impact

Transforming local capital markets and changing people’s lives

By developing local capital markets and financing infrastructure projects in lower income countries across Africa and Asia, we are helping to boost economic growth, improve the quality of people’s lives, alleviate poverty and deliver against the United Nation’s Sustainable Development Goals.

Since 2005, we have delivered significant impact:

Total investment Private Sector Investment People with improved access to infrastructure Jobs created in Africa and Asia

Delivering impact through

Transactions

Through our local currency credit solutions, GuarantCo provides improved access to infrastructure for people in lower income countries across Africa and Asia including more affordable and sustainable energy, housing, digital communications, water, sanitation and transportation.

CamGSM (Cellcard)

At the end of last year, GuarantCo provided CamGSM (Cellcard) with a USD 70 million guarantee to support an internationally certified sustainability bond fully subscribed by institutional investors Manulife and Prudential Cambodia, listed at the Cambodian Stock Exchange in November 2023, and loan financing from Deutsche Bank AG, Singapore Branch. The proceeds of the financing are being used towards the expansion of Cellcard’s telecom infrastructure....

CamGSM (Cellcard)

At the end of last year, GuarantCo provided CamGSM (Cellcard) with a USD 70 million guarantee to support an internationally certified sustainability bond fully subscribed by institutional investors Manulife and Prudential Cambodia, listed at the Cambodian Stock Exchange in November 2023, and loan financing from Deutsche Bank AG, Singapore Branch. The proceeds of the financing are being used towards the expansion of Cellcard’s telecom infrastructure....

DATE

COUNTRY

August 2024

Cambodia

Thumbnail

Spiro

GuarantCo, in partnership with Societe Generale, provided an up to XOF 37.8 billion (c. USD 63 million) financing solution, with a first tranche of XOF 21 billion (c. USD 35 million) to support the financing of Spiro’s fleet of electric motorbikes as well as the associated batteries and swap stations in Benin and Togo....

Spiro

GuarantCo, in partnership with Societe Generale, provided an up to XOF 37.8 billion (c. USD 63 million) financing solution, with a first tranche of XOF 21 billion (c. USD 35 million) to support the financing of Spiro’s fleet of electric motorbikes as well as the associated batteries and swap stations in Benin and Togo....

DATE

COUNTRY

SECTOR

March 2024

Togo

Transportation

Thumbnail

Kacific Broadband Satellites

In 2019, GuarantCo and the Asian Development Bank co-financed an investment for Kacific Broadband Satellites to provide affordable, high-speed, satellite broadband internet connections across selected countries in Asia Pacific through its first geostationary high-throughput (HTS) satellite: Kacific1 ...

Kacific Broadband Satellites

In 2019, GuarantCo and the Asian Development Bank co-financed an investment for Kacific Broadband Satellites to provide affordable, high-speed, satellite broadband internet connections across selected countries in Asia Pacific through its first geostationary high-throughput (HTS) satellite: Kacific1 ...

DATE

COUNTRY

SECTOR

October 2023

Multi-country

Digital communications infrastructure

Thumbnail

GreenYellow and Axian Group

In 2020, GuarantCo provided GreenYellow and Axian Group with a credit guarantee of MGA 36.9 billion (EUR 8.1 million) to refinance the 20MW NEA Ambatolampy solar power plant in Madagascar (phase 1) and in 2022 a guarantee of MGA 23.5 billion (EUR 5 million) to finance the expansion of the plant, increasing its capacity to 40MW and adding 5MWh of battery storage capacity (phase 2). ...

GreenYellow and Axian Group

In 2020, GuarantCo provided GreenYellow and Axian Group with a credit guarantee of MGA 36.9 billion (EUR 8.1 million) to refinance the 20MW NEA Ambatolampy solar power plant in Madagascar (phase 1) and in 2022 a guarantee of MGA 23.5 billion (EUR 5 million) to finance the expansion of the plant, increasing its capacity to 40MW and adding 5MWh of battery storage capacity (phase 2). ...

DATE

COUNTRY

SECTOR

June 2023

Madagascar

Power/Energy Supply

Thumbnail

Shams Power

In December 2021, GuarantCo and Bank Alfalah provided Shams Power with a PKR 2 billion (c. USD 11.3 million) financing solution to support the construction of approximately 21 MW small rooftop and ground mounted solar plants at commercial, industrial and institutional e.g. university, hospital sites across Pakistan to reach grid connected users....

Shams Power

In December 2021, GuarantCo and Bank Alfalah provided Shams Power with a PKR 2 billion (c. USD 11.3 million) financing solution to support the construction of approximately 21 MW small rooftop and ground mounted solar plants at commercial, industrial and institutional e.g. university, hospital sites across Pakistan to reach grid connected users....

DATE

COUNTRY

SECTOR

March 2023

Pakistan

Power/Energy Supply

Thumbnail

PRAN

GuarantCo provided PRAN Agro with a 100 percent guarantee of a BDT 2.1 billion (c. USD 25 million) on-shore bond with a seven year tenor to attract domestic institutional capital from Bangladesh and support PRAN Agro’s expansion plans....

PRAN

GuarantCo provided PRAN Agro with a 100 percent guarantee of a BDT 2.1 billion (c. USD 25 million) on-shore bond with a seven year tenor to attract domestic institutional capital from Bangladesh and support PRAN Agro’s expansion plans....

DATE

COUNTRY

SECTOR

June 2022

Bangladesh

Manufacturing related to infrastructure

Thumbnail

Technaf Solartech Energy

GuarantCo provided a guarantee to support a 15-year, USD 13.5 million dual currency financing solution on behalf of Technaf Solartech Energy Limited, the first and currently only operational utility-scale solar project in Bangladesh, developed by Joules Power Limited, a Bangladeshi developer....

Technaf Solartech Energy

GuarantCo provided a guarantee to support a 15-year, USD 13.5 million dual currency financing solution on behalf of Technaf Solartech Energy Limited, the first and currently only operational utility-scale solar project in Bangladesh, developed by Joules Power Limited, a Bangladeshi developer....

DATE

COUNTRY

SECTOR

November 2021

Bangladesh

Power/Energy Supply

Thumbnail

Acorn Holdings

GuarantCo provided partial credit guarantee to investors in Acorn’s KES 5 billion note programme to fund the construction of accommodation for 5,000 students in Nairobi....

Acorn Holdings

GuarantCo provided partial credit guarantee to investors in Acorn’s KES 5 billion note programme to fund the construction of accommodation for 5,000 students in Nairobi....

DATE

COUNTRY

SECTOR

October 2019

Kenya

Social infrastructure

Thumbnail

Mixta Nigeria

NGN 3 billion credit enhancement guarantee for the second series of Mixta Nigeria’s bond programme. Alongside the series 2 tranche A bond, Mixta also raised an additional NGN 2.3 billion through an unguaranteed tranche B in which the African Local Currency Bond Fund was a cornerstone investor....

Mixta Nigeria

NGN 3 billion credit enhancement guarantee for the second series of Mixta Nigeria’s bond programme. Alongside the series 2 tranche A bond, Mixta also raised an additional NGN 2.3 billion through an unguaranteed tranche B in which the African Local Currency Bond Fund was a cornerstone investor....

DATE

COUNTRY

SECTOR

September 2018

Nigeria

Social infrastructure

Thumbnail

Kalangala Infrastructure Services

This is a highly developmental project to bring basic utilities to the largest island in Lake Victoria and has required imaginative financing to attract the debt required to meet the challenging economics...

Kalangala Infrastructure Services

This is a highly developmental project to bring basic utilities to the largest island in Lake Victoria and has required imaginative financing to attract the debt required to meet the challenging economics...

DATE

COUNTRY

SECTOR

December 2011

Uganda

Multi-sector

Thumbnail

01 / 10

Delivering impact through

Capital Market Development

By providing credit solutions, GuarantCo makes long-term infrastructure development an attractive asset class in lower income countries. This unlocks local currency capital managed by local banks and institutional investors such as pension funds and insurance companies. By engaging them with our business model we are transforming local capital markets to help local market economies grow.

Acorn Holdings

GuarantCo provided partial credit guarantee to investors in Acorn’s KES 5 billion note programme to fund the construction of accommodation for 5,000 students in Nairobi.

First ever green bond in Kenya, rated B1 by Moody’s (higher than the sovereign bond rating), first restricted public offering in Kenya for GuarantCo, first deferred drawdown project loan note and the first affordable housing investment for the Emerging Africa Infrastructure Fund (EAIF)....

Acorn Holdings

GuarantCo provided partial credit guarantee to investors in Acorn’s KES 5 billion note programme to fund the construction of accommodation for 5,000 students in Nairobi.

First ever green bond in Kenya, rated B1 by Moody’s (higher than the sovereign bond rating), first restricted public offering in Kenya for GuarantCo, first deferred drawdown project loan note and the first affordable housing investment for the Emerging Africa Infrastructure Fund (EAIF)....

DATE

COUNTRY

SECTOR

October 2019

Kenya

Social infrastructure

Thumbnail

InfraCredit Nigeria

USD 50 million Callable Funding Facility for the first Nigerian based credit guarantor focused on credit enhancing infrastructure bonds to target pension fund investors. The Facility allowed InfraCredit to achieve a high domestic rating increasing its attractiveness to bond investors....

InfraCredit Nigeria

USD 50 million Callable Funding Facility for the first Nigerian based credit guarantor focused on credit enhancing infrastructure bonds to target pension fund investors. The Facility allowed InfraCredit to achieve a high domestic rating increasing its attractiveness to bond investors....

DATE

COUNTRY

SECTOR

December 2016

Nigeria

Multi-sector

Thumbnail

01 / 02

Delivering impact through

PIDG Technical Assistance grants

We have access to Technical Assistance (TA) grant funding from our parent company the Private Infrastructure Development Group (PIDG) to further enhance the impact of our transactions and support the development of local capital markets. PIDG TA provides technical assistance and capital/viability gap funding grants to all PIDG companies to support their projects.

Capacity Building Workshop Lomé

GuarantCo, supported by the Private Infrastructure Development Group (PIDG) Technical Assistance and under the PIDG Institute banner, organised a three-day capacity building workshop on structuring and financing infrastructure projects in Lomé, Togo from 19th to 21st September 2022.  The main focus of the workshop was to increase understanding of infrastructure project financing and its benefits to help close the infrastructure financing gap in Togo.  In addition, the workshop acted as a catalyst for the development of effective and efficient project financing to hel...

Capacity Building Workshop Lomé

GuarantCo, supported by the Private Infrastructure Development Group (PIDG) Technical Assistance and under the PIDG Institute banner, organised a three-day capacity building workshop on structuring and financing infrastructure projects in Lomé, Togo from 19th to 21st September 2022.  The main focus of the workshop was to increase understanding of infrastructure project financing and its benefits to help close the infrastructure financing gap in Togo.  In addition, the workshop acted as a catalyst for the development of effective and efficient project financing to hel...

DATE

COUNTRY

October 2022

Togo

Thumbnail

Roshni Bajis – The first female electricians in Pakistan

In October 2019, GuarantCo provided a USD 50 million dual currency guarantee backed loan for K-Electric to support Aerial Bundled Cable roll-out and smart grid solutions in Karachi.  The roll-out of the ABC insulated cables will decrease theft and safety related risks. In Pakistan, almost a fifth of electricity generated is lost during the transmission and distribution to consumers, due to issues such as, poor infrastructure, faulty metering and theft....

Roshni Bajis – The first female electricians in Pakistan

In October 2019, GuarantCo provided a USD 50 million dual currency guarantee backed loan for K-Electric to support Aerial Bundled Cable roll-out and smart grid solutions in Karachi.  The roll-out of the ABC insulated cables will decrease theft and safety related risks. In Pakistan, almost a fifth of electricity generated is lost during the transmission and distribution to consumers, due to issues such as, poor infrastructure, faulty metering and theft....

DATE

COUNTRY

SECTOR

September 2022

Pakistan

Power/Energy Supply

Thumbnail

Malawi capacity building workshop

GuarantCo, with the support of the Private Infrastructure Development Group Technical Assistance, and Old Mutual Investment Group (Malawi) organised a three-day capacity building training workshop in Blantyre from 2nd to 5th November 2021 to train local banks and institutional investors to develop market capacity and increase knowledge on project finance structures with the aim of supporting affordable housing capital market transactions. The workshop was opened by the Minister of Finance with speeches from the CEOs of the Malawi Stock Exchange and the Public Private Partn...

Malawi capacity building workshop

GuarantCo, with the support of the Private Infrastructure Development Group Technical Assistance, and Old Mutual Investment Group (Malawi) organised a three-day capacity building training workshop in Blantyre from 2nd to 5th November 2021 to train local banks and institutional investors to develop market capacity and increase knowledge on project finance structures with the aim of supporting affordable housing capital market transactions. The workshop was opened by the Minister of Finance with speeches from the CEOs of the Malawi Stock Exchange and the Public Private Partn...

DATE

COUNTRY

SECTOR

November 2021

Malawi

Power/Energy Supply

Thumbnail

Vietnam green capital market event

In July 2021, GuarantCo, through the PIDG Institute, organised a two-day virtual Vietnam green capital market event, funded by PIDG Technical Assistance....

Vietnam green capital market event

In July 2021, GuarantCo, through the PIDG Institute, organised a two-day virtual Vietnam green capital market event, funded by PIDG Technical Assistance....

DATE

COUNTRY

SECTOR

July 2021

Vietnam

Power/Energy Supply

Thumbnail

Bangladesh events

Building the local capital market and bridging the infrastructure financing gap in Bangladesh...

Bangladesh events

Building the local capital market and bridging the infrastructure financing gap in Bangladesh...

DATE

COUNTRY

SECTOR

October 2021

Bangladesh

Power/Energy Supply

Thumbnail

Abidjan workshop

GuarantCo, with Technical Assistance funding, organised a capacity building workshop on project and corporate infrastructure financing in Abidjan in February 2020...

Abidjan workshop

GuarantCo, with Technical Assistance funding, organised a capacity building workshop on project and corporate infrastructure financing in Abidjan in February 2020...

DATE

COUNTRY

SECTOR

February 2020

Abidjan

Power/Energy Supply

Thumbnail

Deaf Tawk

GuarantCo provides USD 80,000 grant to support DeafTawk, a start-up supported by Jazz, Pakistan’s leading digital telecommunications company...

Deaf Tawk

GuarantCo provides USD 80,000 grant to support DeafTawk, a start-up supported by Jazz, Pakistan’s leading digital telecommunications company...

DATE

COUNTRY

SECTOR

November 2019

Pakistan

Power/Energy Supply

Thumbnail

01 / 07

Contributing to meeting PIDG’s impact goals

Working collaboratively along the project life-cycle and across the capital structure, PIDG leverages its unique attributes to help early-stage projects overcome financial, technical or environmental challenges creating investment-ready, bankable infrastructure opportunities, as well as building local capability and capacity, while providing innovative financing solutions.

At GuarantCo, we ensure that we align with PIDG’s strategic priorities and focus on projects that offer: Scale, Replicability, Affordability and Transformation, as well as the programmatic themes. We use PIDG’s Theory of Change to derive GuarantCo’s ultimate impact on the wider community and system. Together with PIDG, GuarantCo has a range of tools including the scorecard, the Results Measurement Sheet and evaluations to ensure that it meets PIDG’s impact objectives and its additionality. We always strive to maximise our development impact while ensuring that priorities such as gender equality, women’s empowerment and climate change are reflected in depth across our portfolio.