Development banks sign on to Citadel rail investment

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27 September 2011

Leading global investors including ALAC, FMO, DEG, Proparco’s FISEA, and the IFC subscribe to $70 million capital Increase for Citadel Capital’s African rail platform.

Citadel Capital, the Middle East and Africa-focused private equity firm with $8.7 billion in investments under control, has completed a $70 million capital increase for Platform Company Africa Railways.

This brings to more than $319.3 million the total equity and debt raised by Citadel Capital and its platform companies since the beginning of the year. Four development finance institutions and a leading regionally focused private equity fund participated in the capital increase, including:

· IFC African, Latin American and Caribbean Fund (ALAC, $20.2 million)
· Dutch development bank FMO ($15 million)
· German development finance institution DEG ($14 million)
· FISEA, a vehicle dedicated to investment in Sub-Saharan Africa owned by France’s Agence Française de Développement and managed by its subsidiary Proparco ($10.7 million)
· International Finance Corporation (IFC, $10.1 million).

Following the capital increase, Africa Railways, the firm’s platform for investments in the African rail transportation sector,...

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