Emerging Africa Infrastructure Fund appoints new Chairman

The Emerging Africa Infrastructure Fund, the debt provider to private sector infrastructure projects established by the Private Infrastructure Development Group (PIDG) has announced the appointment of Tony Lea as its new Chairman in succession to Tim Parker who left the role last year when appointed Deputy Mayor for London. Mr Lea was born in Africa and has considerable experience of the continent, notably through his role Finance Director of Anglo American Plc.

The current PIDG Chairman, Mr Jan van Renselaar, said: “We are delighted to have secured such a well qualified candidate as Mr Lea with his strong background in Africa and project finance.” Mr Lea joins EAIF at an important moment in its development. EAIF has been achieving an increasingly prominent position in African infrastructure finance having signed its 20th and 21st projects in January 2009.

Over the past two years EAIF has made loan investments in 15 projects; lending in excess of US$300 million. The Fund is in the process of increasing its capacity. It secured additional funding predominantly from commercial lenders in December increasing the fund size to USD 480m. Negotiations are well-advanced to secure further funding to increase lending capacity to US$600 million by June 2009.

“I am very excited by this new opportunity. There is no doubt that Africa’s development depends on major infrastructure enhancement that cannot be achieved by either the private or public sectors alone. EAIF is a unique entity showing how seed corn public sector capital can be used effectively to secure private sector lending to support long-term infrastructure projects to which commercial banks would not lend to directly. I look forward to making my own contribution to EAIF’s future.” added Lea.

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Emerging Africa Infrastructure Fund appoints new Chairman

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