The Emerging Africa Infrastructure Fund (EAIF), a subsidiary of the Private Infrastructure Development Group (PIDG), is investing $40 million in the Guinea Alumina Corp. (GAC) for a cornucopia of infrastructure improvement projects.
EAIF will lend GAC the money over 14 years, as part of a $750 million debt package headed by the International Finance Corporation (IFC). The investment reached a financial close on April 26.
The majority of the money will finance port, marine, railway and infrastructure projects in the country of Guinea. Six percent of the investment will go toward the development of a greenfield bauxite mine, slated to produce 12 metric tons of bauxite a year for export.
In order to move high volumes of the bauxite from the mine to the port, the railway will also require upgrades and improvements.
The EAIF has invested a total of $1.17 billion in private sector infrastructure projects.
