Bloomberg News

Citadel Sees African Project-Finance Gap as Europe Cuts Exposure

May 10, 2012

Development banks, sovereign wealth funds and export lenders will need to help fill a project- financing gap in Africa left by European banks reducing their exposure to the continent, said Ahmed Heikal, chairman of Citadel Capital SAE. (CCAP)

The “triple combo” is needed to “replace the shrinking role of European banks in the period to come,” Heikal said today in an interview at the World Economic Forum on Africa in Addis Ababa, Ethiopia’s capital. “Commercial banks that are based in Europe that used to finance projects are going to face a tough time and Africa could suffer as a result of that.”

Citadel is an Egyptian private equity company with an investment portfolio worth $10 billion, with assets in African nations including Kenya, Uganda, Sudan and South Sudan, he said.

To contact the reporter on this story: Sarah McGregor in Nairobi at

To contact the editor responsible for this story: Paul Richardson in Nairobi at

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