ALCB Fund

The proposed project is an investment of $40 million in the Senior Unsecured Note of African Local Currency Bond Fund (the “Fund” or “Project”), a local currency bond fund sponsored by KfW and managed by LHGP Asset Management LLP (the “Manager”) . The goal of the Fund is to improve and diversify access to long term funding in local currency and support the development of African capital markets by creating opportunities for African issuers, investors and intermediaries. ALCBF accomplishes its goals by anchoring first-time or innovative bond issuances by local entities and providing “Technical Assistance” to local issuers to off-set some of the costs of first-time issuance