Cordiant Capital Inc.

Cordiant Capital to Manage New Infrastructure Crisis Facility Debt Pool - Unique Arrangement Addresses Emerging Market Infrastructure Liquidity Crisis

    Montreal (ots/PRNewswire) -

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    Cordiant Capital Inc. ("Cordiant"), a leading manager of emerging market  private sector investments, announced today that it has signed an agreement  to manage the newly created Infrastructure Crisis Facility Debt Pool ("ICF  Debt Pool") launched at the annual meeting of the World Bank Group in  October. Cordiant was chosen following a competitive selection process  involving financial institutions from around the world.

    "New opportunities are arising in emerging markets as a result of the  global liquidity crisis, which has caused a significant vacuum in the  financing of new infrastructure projects," said David Creighton, President  and Chief Executive Officer of Montreal-based Cordiant. "As manager of the  ICF Debt Pool, Cordiant will enable vital support to promising infrastructure  projects in emerging countries by ensuring they are financed on a timely  basis, and on commercial terms. This role places us in a truly unique  position to access deal flow and bring together public and private money to  fund those projects.

    "Cordiant has proven expertise in emerging markets, having funded and  managed 43 infrastructure investments in the past decade, along with more  than 150 company investments. We have been investing alongside international  financial institutions ("IFIs") on individual transactions since our  inception in 1999. Cordiant's unique relationships with IFIs enable us to  benefit from a broad range of carefully selected deals not otherwise  available to private investors. As manager of the ICF Debt Pool, we will have  access to very attractive, high quality infrastructure investment opportunities in emerging countries that offer strong financial returns and  are developmentally sustainable," Mr. Creighton continued.

    Speaking on behalf of the ICF Debt Pool Board, Chairman Andrew Bainbridge  said: "We are delighted to have selected Cordiant following a rigorous  tendering process. Their commitment to the ICF Debt Pool has been very clear  to the Board and, combined with their existing emerging markets expertise,  gives us great confidence that we will be able to act at speed to identify  and support worthy projects."

    Sustainability is a key ingredient in every Cordiant project. Since  inception, Cordiant has integrated environmental, social and governance  screening into its existing investment analysis. Cordiant is a signatory of  the UN Principles for Responsible Investment.

    The Infrastructure Crisis Facility directly addresses the continuing  liquidity crisis in emerging market infrastructure financing caused by the  withdrawal of major commercial financial institutions from emerging markets  during the global financial crisis as they continue to re-focus their lending  activities on their home markets.

    Sovereign Development Institutions Participating in the Facility

    To date, the Infrastructure Crisis Facility has mobilized over US$4  billion from international financial and development institutions. The  setting up of the ICF Debt Pool has been supported by the German Government,  which is providing a (euro)700 million interest subsidy and US$11 million  equity participation. Under a guarantee of the German Government, KfW  Entwicklungsbank has set aside (euro)500 million for the ICF Debt Pool and  Proparco, the French Investment and Promotions Company for Economic  Cooperation has pledged (euro)200 million. KfW's daughter company DEG has earmarked US$400 million for co-financing opportunities, Proparco (euro)800  million and the European Investment Bank (EIB) has committed (euro)1 billion.

    In keeping with its primary business of offering emerging market investments to pension funds, Cordiant will also offer pension fund investors  the opportunity to co-invest alongside the ICF Debt Pool in individual  projects.

    Emerging Market Infrastructure Liquidity Crisis

    On a global basis, the International Finance Corporation ("IFC"), the  private sector arm of the World Bank Group, estimates that approximately  US$110 billion worth of new infrastructure projects risk delay or  postponement, while US$70 billion worth of existing projects are facing  refinancing. Emerging market infrastructure is facing long-term financing  needs of US$21 trillion over the next 10 years. Private funds and public  private partnerships will therefore continue to play a critical role in  financing infrastructure projects in emerging countries.

    The Infrastructure Crisis Facility will provide direct financing to  qualified infrastructure projects in emerging economies, and will be the  catalyst in generating significant co-financing opportunities. The ICF Debt  Pool was conceived by the IFC and developed on the Private Infrastructure  Development Group platform. This ensures that the ICF Debt Pool is overseen  by a commercial and independent board, operates to the highest standards of  corporate governance and is flexible to the needs of IFIs in facilitating progress with infrastructure in emerging markets.

    Cordiant's Role as Manager

    Cordiant will review all investment opportunities proposed to the ICF  Debt Pool by the originating international financial and development  institutions. Building on the work already carried out by those originating  institutions, Cordiant will undertake a thorough analysis of each project. It  will then prepare investment reviews of infrastructure projects that meet the  criteria of the ICF Debt Pool and present those reviews to an independent  board, which will make the final decision. Once the board approves a project, Cordiant will negotiate and execute the legal documentation, disburse funds  and manage all aspects of the investment on behalf of the ICF Debt Pool.

    The ICF Debt Pool has already committed to provide financing to several  projects, including SP-SSA International Container Services (SSIT), a joint  venture between Vinalines, Saigon Port and Carrix, Inc. to develop a modern,  efficient deepwater container-handling facility in Ho Chi Minh City, Vietnam.

    "Infrastructure projects are key to the continued growth and economic  development of emerging market countries. Our firm has been active in  emerging markets for the last ten years, on our own and in partnership with  international financial institutions. We have witnessed first-hand the spirit  and resolve that drives these economies. We are proud to be associated with  the Infrastructure Crisis Facility and to contribute to the role it will play  in ensuring that the momentum these markets have built in recent years will  be maintained," Mr. Creighton concluded.

    About Cordiant Capital

    Founded in 1999, Cordiant has invested almost US$2 billion on behalf of  some of the world's largest institutional investors. The firm has made  investments in over 150 companies in more than 50 emerging and high growth  countries around the world, including a large number of infrastructure  investments. Cordiant pioneered the creation of emerging market corporate  loan funds in partnership with international financial institutions. Cordiant  co-manages one private equity fund, the Canadian Investment Fund for Africa,  and manages three private debt funds. The firm is a signatory to the UN Principles for Responsible Investment.

    For further information: and to arrange interviews with David Creighton,  President and Chief Executive Officer of Cordiant, or Bertrand Millot, Chief  Investment Officer: Anne-Marie Durand, NATIONAL Public Relations,  +1-514-843-2319

ots Originaltext: Cordiant Capital Inc.
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For further information: and to arrange interviews with David
Creighton, President and Chief Executive Officer of Cordiant, or
Bertrand Millot, Chief Investment Officer: Anne-Marie Durand,
NATIONAL Public Relations, +1-514-843-2319

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