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The workshop was opened by Lossou Djibom, General Coordinator Finance and Investment of the West African Development Bank (BOAD), and attended by around 50 delegates from BOAD, the ECOWAS Bank for Investment and Development, Ecobank, Societe Générale, Sunu Bank, BIIC Bank, NSIA Bank and representatives from GuarantCo’s clients Orabank and Kekeli Efficient Power/Eranove. This was the fifth capacity building workshop that GuarantCo organised in Africa following the events held in Cameroon (2019), Cote d’Ivoire (2020) and Tanzania and Malawi (2021).
GuarantCo, with a grant from PIDG Technical Assistance, co-financed the safety awareness campaign of K-Electric to promote electrical safety through the Roshni Baji programme which trains female electricians. They act as K-Electric ambassadors to raise awareness within underprivileged communities concerning electrical safety threats which directly impact the dwellers, specifically women and children.
GuarantCo provided a VND 1,150 billion (c. USD 50 million) partial credit guarantee to support a VND 1,725 billion (c. USD 75 million) bond issuance by EVN Finance Joint Stock Company (EVNFinance), a premier non-bank financial institution in Vietnam. This landmark transaction is Vietnam’s inaugural onshore, local currency, internationally verified green bond. It is also the first-ever partially guaranteed corporate bond that has attracted institutional investors in the country including Manulife and AIA. Vietcombank Securities (VCBS) a leading investment bank and securities firm in Vietnam acted as the mandate lead arranger on the transaction. GuarantCo worked alongside the Global Green Growth Institute (GGGI), an inter-governmental international development agency, which provided EVNFinance with technical assistance structuring the green bond and assisted in the third-party verification of EVNF’s Green Bond Framework. The support was made possible through a technical assistance grant under the GGGI’s Vietnam Green Bond Readiness Programme supported by the Ministry of Finance, the Government of Vietnam and the Government of Luxembourg. GuarantCo and VCBS played an important role in attracting investors and coordinating the transaction, contributing to the success of a new financial product in the local market, one which could be replicated across other similar transactions in Vietnam.
- First onshore, local currency, verified green bond in Vietnam
- First partially guaranteed Vietnamese corporate bond invested into by institutional investors
GuarantCo provided a XAF 23.5 billion (c. USD 38.4 million) guarantee solution to Société Générale Cameroun (SG) and Société Commerciale de Banque Cameroun (SCB), a subsidiary of Attijariwafa Bank Group, to finance TollCam, a project company established by Egis and Fayat. The financing comprises a 14-year combined liquidity extension and partial credit guarantee to support debt for the modernisation, operation and maintenance of 14 toll plazas across Cameroon. The project is being developed by the sponsors under a 20-year PPP agreement with the Government of Cameroon (GoC). The combined guarantees will help SG and SCB provide XAF 32.5 billion (circa USD 52.5 million) of long-term debt arranged by Société Générale Côte d'Ivoire to support the toll development project.
- First combined guarantee solution (liquidity extension and partial credit) for GuarantCo
- First financing agreement solely focussed on toll plaza infrastructure in Africa
- First road-related Public Private Partnership (PPP) in Cameroon
The proceeds from the bond guaranteed by GuarantCo have enabled PRAN Agro’s expansion plans including land development, construction, storage facilities and processing machinery. The expansion is expected to result in over 20 percent increased sourcing from local farmers, contributing to rural income and food security. The investment into PRAN Agro has also provided much needed job security. The company currently employs 11,000 employees, 67 percent of which are women.
The climate mitigation guarantee will be utilised to accelerate the Electric Vehicle (EV) eco-system in India through capex financing of a wide range of entities engaged in manufacturing, distribution and servicing of electric vehicles, batteries and charging infrastructure. This guarantee-backed debt funding is a first of its kind initiative in India which is expected to accelerate the development of the EV ecosystem in the country. Each qualified loan made by Axis Bank to the underlying borrowers will be partially credit guaranteed with a maximum tenure of up to 10 years. Loan proceeds within the framework agreement will be used for greenfield capital expenditure in EV infrastructure.
GuarantCo, part of the Private Infrastructure Development Group, and Axis Bank, the third largest private sector bank in India, have signed a framework guarantee agreement to provide the latter with an USD 200 million INR equivalent guarantee, allowing mobilisation of funds between USD 300 and 400 million in local currency to finance the e-mobility ecosystem in India.
GuarantCo provided a XOF 14.55 billion (c. USD 25 million) portfolio guarantee to Orabank Togo, the largest bank in the country. The guarantee allows Orabank to benefit from capital relief, enabling the bank to grow its infrastructure portfolio whilst remaining within single obligor limits. Supported projects include telecommunications and road projects in Togo.
GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided a XOF 14.55 billion (c. USD 25 million) portfolio guarantee to Orabank Togo, the largest bank in the country. The guarantee allows Orabank to benefit from capital relief, enabling the bank to grow its infrastructure portfolio whilst remaining within single obligor limits. Supported projects include telecommunications and road projects in Togo.
GuarantCo and SBM Bank Kenya, a local commercial bank, provided a KES 1.6 billion (c. USD 15 million) financing solution to Bboxx Kenya, a next generation utility company, to invest in affordable solar home systems for 470,000 Kenyans. GuarantCo supported the transaction with a KES 1.2 billion (USD 11.25 million) partial credit guarantee of 75 percent against the loan facility.
