InfraCredit guaranteed Lagos Free Zone N17.5b Infrastructure Bond wins “Best Project Bond” at EMEA Finance Awards
11 June, 2024
The InfraCredit’s guaranteed infrastructure bond issuance, Lagos Free Zone (Tolaram)’s ₦17.5bn, 20-year Series 3 Infrastructure Bond Issuance, issued in 2023, has won the award category for “Best Project Bond” from the EMEA FINANCE LIMITED Achievement Awards.
Leveraging the irrevocable and unconditional guarantee of InfraCredit, the LFZC Series 3 Bond reinforces the benchmark set by LFZC Series 1 & 2 Bonds, as the third 20-year non-FGN Bond issue in the Nigerian debt capital market for the development of an industrial hub in Nigeria.
Special economic zones are critical to accelerating Nigeria’s industrialisation, attracting local and foreign direct investment, job creation, and inclusive growth, thus, the success of the 20-year Series 3 bonds reinforces the domestic market opportunity for long-term local currency financing for infrastructure projects, and the unprecedented subscription level by the domestic institutional investors signals a strong demonstration effect to governments as the country seeks private sector participation in bridging the huge infrastructure gap in the country.
