Month: November 2021

GuarantCo Management Company Limited has appointed Layth Al-Falaki as its new Chief Executive Officer starting mid-January 2022. GuarantCo Management Company Limited is the manager of GuarantCo, a Private Infrastructure Development Group (PIDG) company.

Layth has been the Chief Risk Officer (CRO) at PIDG since April 2018. He is currently a non-executive member of the Boards of PIDG companies, the Emerging Africa Infrastructure Fund and GuarantCo.

Prior to joining PIDG, Layth was CRO at ICICI Bank UK, the European hub of India’s largest private sector bank, where his responsibilities included credit, operational, market and liquidity risk as well as regulatory frameworks. Prior to this, he was the CRO at the British Arab Commercial Bank, formerly part of the HSBC group. Layth has had a long career in banking and has in-depth experience of dealing in emerging markets. His experience includes trade services, operations, audit, marketing, correspondent banking and compliance. He has a Bachelor’s degree in Statistics and Management Science and a Master’s degree in Operational Research from the London School of Economics and Political Science.

Yukiko Omura, Chair of the GuarantCo Board and Director of PIDG, said: “I am delighted with Layth’s appointment.  His significant banking and emerging market experience, his CRO role at PIDG and his Directorship at GuarantCo will set him up successfully for his new CEO position at GuarantCo whilst ensuring the continuation of leveraging the multiple product propositions that the various PIDG companies can offer to deliver a significant impact to support sustainable, essential infrastructure financing in lower income countries across Africa and Asia.”

Philippe Valahu, CEO of PIDG, said: ‘This appointment is a great decision for GuarantCo and PIDG. Layth will bring knowledge, experience and a deep understanding of the markets we operate in and will help the PIDG Group further strengthen its position.’

Joost Zuidberg, Chief Executive Officer of Cardano Development and Chair of GuarantCo Management Company, said: “Following a thorough recruitment process, I am pleased that Layth has been selected and accepted the GuarantCo CEO role.  His in-depth experience, PIDG and GuarantCo knowledge and his working style has made him the ideal candidate for the role.  I look forward to working with Layth to further establish GuarantCo as a local currency house that delivers long-term credit solutions to bridge the infrastructure financing gap to people in countries who need it most.”

Layth Al-Falaki, Chief Risk Officer of PIDG and forthcoming CEO of GuarantCo, said: “I’m delighted to have been appointed as the new CEO of GuarantCo and excited to continue to deliver the important work that can make a difference where it is needed the most. I see this as a vital part of the overall PIDG offer and I’m looking forward to working with the team on innovative solutions to take GuarantCo to the next level.”

About GuarantCo           

GuarantCo mobilises private sector local currency investment for infrastructure projects and supports the development of financial markets in lower income countries across Africa and Asia. GuarantCo is part of the Private Infrastructure Development Group (PIDG) and is funded by the governments of the United Kingdom, Switzerland, Australia and Sweden, through the PIDG Trust, the Netherlands, through FMO and the PIDG Trust, France through a stand-by facility and Global Affairs Canada through a repayable facility. GuarantCo is rated AA- by Fitch and A1 by Moody’s. GuarantCo’s activities are managed by GuarantCo Management Company which is part of Cardano Development www.guarantco.com

About PIDG       

The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of opportunity, accountability, safety, integrity and impact. Since 2002, PIDG has supported 171 infrastructure projects to financial close which provided an estimated 217 million people with access to new or improved infrastructure. PIDG is funded by the governments of  the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC www.pidg.org

Cardano Development  

Cardano Development (CD) is an incubator and fund manager, established in 2007. Through careful risk-management analysis in data poor settings, CD identifies scalable solutions that can help to make frontier financial markets more inclusive, investible, and sustainable to unlock lasting economic value. CD creates scalable solutions for currency, credit, and liquidity risks in these markets. With over USD 5 billion assets and USD 1.2 billion capital under management, CD supports five scale-up funds, including TCX, GuarantCo, Frontclear, BIX Capital and AGRI3 and six start-ups, ILX, the Water Finance Facility, IMFact, NASASA, KCEF and Nyala with ongoing management services and corporate governance oversight. Cardano Development works with reputable partners including foundations, governments, impact investors, institutional investors and commercial partners. https://www.cardanodevelopment.com/

GuarantCo, a Private Infrastructure Development Group (PIDG) company, has announced its intention during COP 26 in Glasgow to allocate approximately USD 250 million of guarantee capacity towards accelerating climate action in India and Vietnam. This was also mentioned by the UK Prime Minister as part of the UK Clean and Green Initiative.

GuarantCo is working on two potential transactions it hopes will be able to utilise this climate mitigation guarantee capacity and work towards clean green initiatives subject to the transaction negotiations reaching successful conclusions.

Axis Bank is the third largest private sector bank in India. GuarantCo is currently working on a potential USD 200 million guarantee framework (with total transaction size of USD 300 million) with Axis Bank in India aimed at accelerating the e-mobility eco-system in India through the capex financing for a wide range of entities engaged in manufacturing, distribution and servicing of electric vehicles, batteries and charging infrastructure.

EVNFinance (EVNF) is a non-bank financial institution in Vietnam. GuarantCo is collaboratingwith EVNF with the intention to support its sustainability agenda through a future focus on renewable energy. The forthcoming USD 75 million transaction with proposed guarantee of USD 50 million hopes to be the first onshore, local currency certified green bond issue in Vietnam and to be the first-ever partially guaranteed green bond issued there.

Philippe Valahu, CEO, PIDG, said: “The urgency of climate action requires innovative solutions that enable the private sector to invest, and we are delighted that PIDG Company GuarantCo is announcing these partnerships as part of PIDG package of commitments at COP26 in Glasgow.”

Emily Bushby, Interim CEO GuarantCo, said: “We are delighted to be able to mobilise guarantee capacity in a total amount of approximately USD 250 million to further climate mitigation and adaptation efforts in line with PIDG and GuarantCo’s aims and located in two of our priority markets in Asia.  We hope that all of our transactions which are able to benefit from this capacity will set a precedent for future initiatives in order for GuarantCo to make a significant impact towards positive climate action and support the Sustainable Development Goals through the long-term, local currency credit solutions that we provide.”

Amitruck, Africa’s leading digital logistics company, has partnered with IMFact, a Smart Finance alternative to traditional bank lending for Kenyan SMEs in supply chain businesses.

The partnership will enable Amitruck to increase its financial stability and optimise its working capital, thus eliminating constraints related to overhead costs and long payment cycles.According to IMFact Commercial Director, Derrick Lwatati, “IMFact offers clients the ability to grow their business by turning their debtor portfolio immediately into cash. Also known as factoring, this method allows IMFact clients to use the cash we inject into their businesses to purchase more goods or optimize payments to their suppliers.

According to IMFact Commercial Director, Derrick Lwatati, “IMFact offers clients the ability to grow their business by turning their debtor portfolio immediately into cash. Also known as factoring, this method allows IMFact clients to use the cash we inject into their businesses to purchase more goods or optimize payments to their suppliers.

“As IMFact clients access cash immediately they are able to extend favourable payment terms to their clients or even offer upfront credit as a strategy to secure new business which ensures they generate more sales, “he added.

Factoring differs from the traditional invoice discounting offered by banks which focuses on single invoices for large institutions coupled with collateral demands.  Instead, it seeks to understand the business and its operating environment as well as data related to potential for growth.

According to Lwatati, “We have affiliated with Amitruck because of their innovative approach to solving the inefficiencies in the logistics sector. Their solutions have disrupted the local transport market and given them an edge over other trucking and logistics companies.”

Trucking logistics companies usually face challenges in allocating funds to fuel trucks, pay drivers and maintain quality professional standards. IMFact’s financing bridges the gap to enable transporters to run their businesses efficiently and affordably.

Speaking about the partnership, Amitruck CEO & Founder, Mark Mwangi said, “We have been able to realize financing with IMFact at attractive commercial terms and we especially like the flexibility it offers. This means that we can use exactly the amount of financing we need without any additional costs as bank financing would have.”

“Amitruck is going across borders, and this has been made possible through partnerships like this where Growth Africa through its accelerator program offers mentorship and advisory support then brings on board IMFact to plug in the much needed financial resources. We are honoured to be part of this ecosystem alongside other SMEs in the logistics sector that have been given the opportunity to scale, hence impact Africa’s economy through efficient logistics solutions.”

For more information please contact

Mary Gitari I Brand Spark PR  I Tel : 0722 224 972 I E: [email protected]
Mark Mwangi I CEO, Amitruck I E:[email protected]

ABOUT AMITRUCK

Amitruck, is a trucking logistics marketplace that allows transporters (owners of motorbikes, pick-ups, vans and trucks) to find and connect with customers through its mobile and web applications.

Transporters bid for work on the platform, ensuring competitive prices, while cargo owners have convenient access to a range of competitive offers and can choose a transporter based on price, rating and experience.

The platform has over 5500 vehicles that have completed over 40,000 deliveries for over 200 corporate clients and is re-defining and building Africa’s logistics marketplace by bringing trust and transparency back to transport. For more information visit www.amitruck.com

ABOUT IMFACT

IMFact is a pan-African, non-deposit taking financial institution, using supply chain financing to provide working capital to SMEs, which at present have limited access to both financial and banking systems across the continent. Launched in 2019, our fintech factoring solution is nimble, responsive, and flexible in meeting the financing needs of our clients. IMFact was incubated by its parent company Cardano Development (CD), an incubator and fund manager based in Amsterdam, The Netherlands, with grant funding from KfW on behalf of the German Ministry for Economic Cooperation and Development (BMZ).

IMFact has also received early- stage grant funding from The Rockerfeller Foundation and Convergence. Further to CD’s initial investment, FSD Africa Investments has provided the first external equity investment in IMFact. IMFact Kenya is the first regional hub to become operational and was developed by CD with funding support from Total Impact Capital Advisors (TIC).

For more information visit www.imfact.co.ke