Moody’s rating will attract fresh investment to Africa, says Martijn Proos

By Kanika Saigal
Posted on Monday, 5 September 2022 12:31, updated on Tuesday, 6 September 2022 13:19

Signage is seen outside the Moody's Corporation headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly

After seven rounds of debt financing since its launch in 2001, the Emerging Africa Investment Fund (EAIF) hopes to attract a swathe of new investors after it was awarded an A2 credit rating, with a stable outlook, from Moody’s in August this year.

“We know there is appetite for African infrastructure as an asset class from institutional investors – our partnership with [German financial services company] Allianz back in 2018 and its investment in our fund was testament to this,” says Martijn Proos, director at Ninety One, the global asset manager that manages the fund. The EAIF is a Private Infrastructure Development Group (PIDG) company.

“But to expand our investor base, we need to make investing in the fund […] easier. A rating from an external agency helps us to achieve that,” he says. “And since the rating was announced, the interest has been phenomenal.”