Wealth & Finance July 2017

Wealth & Finance International 32 Leading the Way in the Moroccan Infrastructure Finance Industry ince their inception in 2008, Infra Invest’s core activity is managing private equity funds dedicated to infrastructure and power in Africa. Their mission consists mainly of origi- nating, executing and monitoring equity financing trans- actions in relation with infrastructure and power projects and assets at different stages of development (Development, Pre-construction, Greenfield, and Brownfield). Managing Partner, Abdellatif Nasserdine goes into detail about the firm’s mission, the steps taken to achieve this as well as Infra Invest’s client base. “As a Fund Manager, our clients are mainly the institutional and long- term investors (including Development Finance Institutions) interested by investment in infrastructure and power projects/assets in Africa offering: 1. An attractive reward/ risk investment profile, 2. Diversified portfolio with strong and positive Economic, Environmen- tal and Social impacts, and 3. Capacity to generate steady and attractive yields for investors. “Infra Invest’s mission is to support and contribute to the participation of the private sector in the development and financing of infrastructure sectors in Africa. These sectors are at the heart of the development strategies of the African countries (power, transport & logistics, water, waste management, etc.). “Our footprint materialized with the creation of Argan Infrastructure Fund (ARIF), a closed-ended fund raised in mid-2010, with the support of RMA (Sponsor) and five renowned development financial institutions: AfDB, EIB, IFC, Proparco, and Bio-Invest. ARIF deployed successfully its first Fund with the engagement of a total investment of € 50m in a diversified portfolio of five companies covering strategic sectors (includ- ing wind, solar and port terminals) and structured to generate value and serve steady cash-flows to investors.” Recently, Infra Invest were awarded the accolade Infrastructure Fund Manager of the Year. When discussing the success, Abdellatif highlights what this means for the firm as well as revealing how Infra Invest en- sures their partners receive the best possible support and advice from the award-winning company. “We are very pleased and honored to receive such award which constitutes a recognition of the success of Infra Invest model. At Infra Invest, we are proud of the success of our experience and this award encourages us to continue serving our investors and partners. This recognition confirms Infra Invest as a leading regional player in infrastructure and power sectors. “The strongest assets of the firm are the experience of its management team and the support of its Sponsor and Investors. The management team is composed of seasoned investment professionals, with strong track-record in investment and infrastructure financing, capable of orig- inating high profile investment opportunities, creating value for investors and investee companies (including build-up opportunities, implemen- tation of the best standards in terms of corporate governance, reporting to shareholders, environmental and social policies). The management team enjoys also a deep knowledge of the targeted markets.” Africa will continue to stand out as a major source of global growth thanks to long-term robust drivers, such as abundance of resourc- es, young population and labor force growth, fast urbanization, and considerable shortfall in infrastructures resulting in numerous business opportunities. And Morocco is the most attractive country and platform to access the continent, as Abdellatif explains the reasons why the region Infra Invest operates within is ideal for the firm. “An example being, the electricity consumption per capita is close to 400 kWh in Sub Saharan Africa, 75% below that of developing Asia (International Energy Agency, 2014). According to McKinsey Global Institute (MGI, 2016), Africa’s spending on infrastructure reached $80 billion in 2015 (3.5% of GDP), but Africa needs to double this amount to nearly $150 billion (4.5% of GDP) to 2025. Public and private sectors, with the support of multi-lateral agencies, will have to double their efforts to develop more bankable projects, and attract adequate financing to accelerate the infrastructure development: electricity and transportation, but also education and health. Founded in 2008, Infra Invest, a Fund Manager dedicated to infrastructure and power projects, is a subsidiary of RMA, a leading company in the Moroccan insurance industry, and a subsidiary of FinanceCom Group, one of the largest private financial groups in Morocco with a strong African presence, through its banking and insurance arms (BMCE Bank of Africa, and RMA). Finding out more about the firm, we invited Infra Invest’s Managing Partner, Abdellatif Nasserdine to tell us more. S 1707WF04