Global law firm Norton Rose Fulbright has advised longstanding client, Emerging Africa Infrastructure Fund (EAIF), in relation to its latest round of debt fundraising, in which EAIF raised approximately US$385million in new long-term debt capital to invest in sub-Saharan African infrastructure projects. Norton Rose Fulbright has advised EAIF on its debt financings since 2013.

The new funds will be used by EAIF over the next five years in infrastructure projects across Africa enabling EAIF to mobilise private sector capital for investment in African infrastructure.

The consortium of lenders includes a mix of development finance institutions and commercial lenders (banks and non-bank financial institutions) and comprises KFW, FMO, Standard Chartered Bank, Standard Bank, African Development Bank and Allianz.

EAIF is part of the Private Infrastructure Development Group (PIDG), a donor-backed organisation that encourages private sector infrastructure investment in the world’s lowest-income countries. PIDG blends public and private finance to reduce investment risk, promote economic development and combat poverty.

Neha Khosla, partner, comments:

“We are delighted to have assisted EAIF once again on its latest debt fundraising. This has been a challenging but an exceptionally exciting and ground-breaking transaction and the funds will allow EAIF to be able to provide much needed funding for sub-Saharan Africa’s infrastructure gap. With 50% of the fundraising set to be allocated to renewable energy projects, this will also go some way to developing Africa’s more fragile states.”

The Norton Rose Fulbright team advising EAIF was led by partner, Neha Khosla, and included senior associate Alexandros Zekkos.The team also included partners Dominic Stuttaford in tax, Sherina Petit in disputes and arbitration and EAIF’s relationship partner, Madhavi Gosavi.

This builds on Norton Rose Fulbright’s strong track record of advising on financing for infrastructure in Africa.