EAIF backs GAC with $40mn

The Emerging Africa Infrastructure Fund (EAIF) has invested USD 40mn, over fourteen years, in Guinea Alumina Corporation (GAC). The investment is part of a USD 750mn debt package being led by the IFC and is expected to add at least 3% to GDP.

The capital will be used to finance port and marine facilities, the railway and associated infrastructure. A greenfield bauxite mine that will produce 12 metric tonnes of bauxite a year for export will account for approx. 5% of the investment.

Related article: Guinea Alumina Corp. receives $460mn from IFC, MIGA

Financial close was achieved on 26th April.