GuarantCo Ltd ("GuarantCo" or the "Company") was incorporated in Port Louis, Mauritius, as a private company limited by shares. The Financial Services Commission (FSC) issued a Category 1 Global Business Licence (GBL1) to the Company on 30 August 2005.

GuarantCo operates as a Financial Institution with a multi-country footprint spanning Africa and Asia, established with the core mandate of narrowing the infrastructure financing gap and contributing to poverty alleviation across lower-income economies. This developmental mandate places GuarantCo squarely within the broader credit guarantee institution (CGI) landscape that has grown in relevance as multilateral and bilateral development finance increasingly relies on guarantee instruments rather than direct lending. The Company's geographic concentration in Africa and Asia aligns with regions where local currency infrastructure debt markets remain comparatively underdeveloped, reinforcing the relevance of its mandate.

GuarantCo's establishment was driven by two principal objectives: (i) enabling sustainable infrastructure projects in lower-income countries to access debt financing through the provision of guarantees, and (ii) fostering the development of local currency financial debt markets. In pursuing these aims, the Company addresses funding shortfalls that local debt markets are often unable to meet on their own, owing to capacity constraints, exposure limits, and other structural covenants. In practice, this dual mandate positions GuarantCo as both a credit enhancement provider and a market-development catalyst, a combination that differentiates it from purely commercial guarantors. The guarantee structures employed are typically tailored to local currency bond and loan issuances, which helps mitigate currency mismatch risk for underlying infrastructure borrowers. As local debt markets in the Company's core operating geographies continue to mature, GuarantCo's role in catalysing first-time issuances remains a key element of its value proposition.

GuarantCo is majority owned by the Private Infrastructure Development Group (PIDG), which holds a 91.1% stake and is backed by seven major development partners: (1) UK Aid from the British People (FCDO), (2) Australian Aid (DFAT), (3) Sweden (SIDA), (4) the Ministry of Foreign Affairs of the Netherlands (DGIS), (5) Global Affairs Canada (GAC), and (6) SECO (Switzerland). The Netherlands Development Finance Company (FMO) holds the remaining 8.9% of the Company's total paid-up capital. This ownership concentration among sovereign-backed development partners is a key rating support, as it provides both implicit reputational backing and a track record of capital replenishment. The breadth of the partner base — spanning six bilateral and multilateral development institutions plus FMO — also diversifies funding-related decision-making away from reliance on any single sponsor. Continued sovereign sponsorship of this nature is a structural strength that is not commonly available to purely commercial guarantee providers.

The Company's ownership structure is expected to remain broadly unchanged in the foreseeable future, with PIDG's controlling stake providing continuity of strategic direction.

Business acumen is assessed as strong, supported by the shared institutional affiliation of PIDG and FMO within the same development finance ecosystem. During the period, Global Affairs Canada (GAC) became a new equity funder for GuarantCo, contributing fresh paid-in capital.

GuarantCo is primarily funded by eight major development partners. Except for the Netherlands Development Finance Company (FMO), which contributes 8.9% of GuarantCo's total paid-up capital, the remaning partners act jointly under the umbrella of the Private Infrastructure Development Group (PIDG). PIDG's shareholders comprise six highly rated sovereigns—the United Kingdom (AA- by Fitch), Switzerland (AAA by Fitch), Sweden (AAA by Fitch), the Netherlands (AAA by Fitch), Australia (AAA by S&P), and Canada (AA+ by Fitch). PIDG also has stand-by debt facilities made available by non-shareholding sponsors such as the Agence Française de Développement (AFD) of France. These sponsors have consistently demonstrated their commitment to supporting PIDG’s mission through regular capital contributions. This ongoing support was further reinforced through new paid-in equity contributions of USD 12.4mln during 2025 and YTD 2026, these contributions underscore the development partners’ continued confidence in and commitment to PIDG’s mandate.

GuarantCo's five-member Board comprises 1 executive director and 4 non-executive directors - qualified professionals with emerging and frontier market experience.

Mr. Philippe Valahu – Chairperson & Non-Executive Director possesses extensive international experience in infrastructure finance, project finance, export finance, and risk management across emerging markets. He currently serves as the Chief Executive Officer of PIDG and Chair of GuarantCo and InfraCo Africa. His career includes senior leadership roles at the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA), Depfa Bank, and infrastructure finance advisory firms, providing him with deep expertise in infrastructure development and investment across Africa, Asia, Latin America, Middle East and the Central Europe. Mr. Frank Gosselink – Executive Director also holds the position of Chief Executive Officer, bringing extensive experience in development finance, risk management, and financial markets. Further details regarding his profile are provided in the Management Team section. Mr. Cyril Wong – Non-Executive Director is an experienced finance professional with extensive expertise in banking, financial management, and corporate governance. He serves on the boards of several leading organizations and previously held senior executive positions at Barclays Bank Mauritius Limited. He is a Fellow of the Institute of Chartered Accountants in England and Wales and the Mauritius Institute of Directors. Mr. Kamal Taposeea – Non-Executive Director has more than 30 years of experience spanning law, banking, financial services, regulation, aviation, tourism, and energy sectors. His career includes senior leadership roles with JP Morgan, Al Rajhi Bank, Standard Bank Mauritius, Barclays Bank Mauritius, and Air Mauritius, bringing a diverse blend of legal, regulatory, and financial expertise to the Board. Mr. Martijn Proos – Non-Executive Director possesses over two decades of experience in infrastructure finance, project finance, corporate finance, and advisory services across both emerging and developed markets. He has been associated with infrastructure-focused investment platforms since 2008 and has previously worked with FMO’s Africa Infrastructure Department, contributing significant expertise in infrastructure investment and capital markets development.

Since CY18, all sub-board committees' functions have been delegated to GuarantCo Management Company Limited (GMC) for the smooth functioning of operations.

The Company's auditors, Binder Dijker Otte (BDO) LLP, are among the well-reputed audit firms internationally. The auditor has given an unqualified opinion on the financial results of CY25.

Management of the guarantee portfolio is outsourced to GuarantCo Management Company Limited (GMC), previously a fully owned subsidiary of Cardano Development and has now been acquired by GuarantCo on 08 April 2026. The Treasury investment book is subcontracted to UBS and Fidelity.

Mr. Frank Gosselink – Chief Executive Officer brings over three decades of experience in risk management, development finance, and financial markets. Prior to assuming the role of CEO, he served as Co-Chief Executive Officer of Cardano Development since 2015, while also supporting risk management functions for GuarantCo and the Private Infrastructure Development Group (PIDG). Earlier in his career, he held senior leadership positions at FMO and AEGON and worked with the United Nations on water sector planning and management initiatives in West Africa. He holds a degree in Econometrics (1990) and qualified as a Chartered Controller (2006), both from Erasmus University, Rotterdam. The leadership team brings strong expertise in risk management, investment strategy, and infrastructure finance, with experience across global banks and development finance institutions. Their backgrounds in credit risk, regulatory compliance, and portfolio growth ensure effective oversight and alignment with GuarantCo’s strategic and risk objectives.  

GuarantCo’s operations are managed through GMC, which assumed the management responsibilities of GuarantCo from Frontier Markets Fund Managers Limited (FMFML) in May 2016. GMC was acquired by GuarantCo in April 2026 and is now a wholly owned subsidiary of the Company. GMC is responsible for identifying new business opportunities, ensuring compliance with applicable policies and procedures, formulating business plans and budgets, conducting due diligence and negotiating new guarantee transactions, as well as overseeing the ongoing management and monitoring of GuarantCo’s portfolio and guarantee products.

A range of manuals and policies has been established by PIDG to provide oversight across all management functions.

GuarantCo’s Risk Management Framework combines bottom-up and top-down approaches to identify and mitigate key risks, including credit, liquidity, market, operational, reputational, and model risks. Macroeconomic and geopolitical developments are actively monitored through portfolio and thematic reviews. Oversight is provided by multiple governance committees—including Credit, Portfolio, and Risk & Finance Committees—with participation from senior leadership, the PIDG CRO, and independent members. The framework is supported by regular risk reporting and a strong risk-aware culture embedded across the organisation.

Credit Guarantee Institutions (CGIs) are a type of NBFC established primarily to enhance access to finance by offering credit guarantees. These guarantees mitigate the risk of borrower default, thereby encouraging lending to underserved market segments. CGIs are typically regulated and licensed by central banks or financial sector authorities and must adhere to minimum capital requirements. A key focus of CGIs includes supporting small and medium-sized enterprises (SMEs), promoting sustainable and social finance, and facilitating access to credit for segments with limited or no access to formal financial services. Despite their importance, credit penetration among SMEs and underserved segments remains low. To bridge this gap, CGIs provide third-party credit risk protection to lenders by covering a portion of losses in the event of borrower default. In return, they charge a nominal guarantee fee. This mechanism allows lenders to extend credit more confidently to riskier market segments. Most CGIs are either government-owned or funded by multilateral institutions and are designed to play a developmental role in the financial ecosystem. Given their mandate, CGIs often carry significant credit risk and rely heavily on shareholder equity and grants to sustain operations. The Private Infrastructure Development Group (PIDG) is one such initiative promoting sustainable development and climate action through infrastructure financing and capital market development. GuarantCo Ltd, a PIDG member, supports sustainable infrastructure projects in low-income and below-investment-grade countries, including Pakistan, by addressing financial, technical, and environmental barriers throughout the project lifecycle and across the capital structure. InfraZamin Pakistan Limited (IZP) is a further initiative under PIDG, established to catalyze private sector participation in long-term, local currency infrastructure financing in Pakistan. The initial credit guarantee platform in Pakistan, Pakistan Credit Guarantee Company (PCGC), was funded by the UK’s Department for International Development (DFID) and the Government of Pakistan (GoP). In January 2024, PCGC was transitioned into the National Credit Guarantee Company Limited (NCGCL)—a joint initiative of the GoP and Karandaz Pakistan—signifying a renewed commitment to strengthening the credit guarantee framework in the country.

GuarantCo is a specialized financial guarantor. It issues guarantees to enhance the credit quality of debt instruments, mainly loans, and bonds issued in local currency to finance infrastructure projects in emerging markets.

GuarantCo derives revenue from two principal sources: (i) guarantee income, comprising fees received from clients on committed guarantees, and (ii) income generated from its investment portfolio. In CY25, the Company recorded realised fees on financial guarantee contracts at fair value through profit or loss (FVTPL) of USD 22.9mln, up from USD 15.8mln in CY24. Net finance income for CY25 amounted to USD 17.2mln, compared with USD 10.7mln in CY24. On a combined basis, total revenue from guarantees and loans for CY25 reached approximately USD 24.8mln, reflecting both stronger new-business volumes and improved deal structuring during the year. The continued year-on-year growth in realised guarantee fee income is a particularly encouraging signal, as it reflects the underlying expansion of the active, revenue-generating portfolio rather than one-off or non-recurring gains.

In CY25, GuarantCo reported profit after tax of USD 0.9mln, compared with USD 5.3mln in CY24. The year-on-year decline primarily reflects a higher level of operational expenses and a USD 24.0mln impairment charge on a single exposure, partially offset by fair value gains elsewhere in the portfolio and stronger net finance income. Despite the lower absolute result, CY25 marked the third consecutive year of profitability for GuarantCo. Excluding this single large impairment, underlying operating performance — as reflected in guarantee fee income growth and net finance income — showed clear improvement year-on-year.

GuarantCo's portfolio has a major weight of guarantees/exposures in South Asia as per mandate, specifically towards South and Southeast Asia. The Company is aiming to expand its guarantee portfolio in the upcoming years.

GuarantCo's guarantee portfolio remains well diversified, spanning twenty-four countries and twelve industry sectors. At end-CY25, total exposure stood at USD 1,219mln, up 10.1% from USD 1,108mln at end-CY24, a pace of growth that points to continued underwriting momentum even as the operating environment has called for greater selectivity. This expansion was driven by fourteen financial closes completed over the year, representing USD 601mln of new commitments, which fed through into a more pronounced 28.7% rise in the active portfolio, from USD 855mln to USD 1.1bln. The Company also widened its footprint during the year by entering two new markets, Iraq and Mongolia, demonstrating its ability to extend its developmental reach into additional frontier markets while still preserving overall portfolio balance. Asset quality trends were also encouraging over the period the share of performing assets within the book rose. That this improvement in credit quality occurred in tandem with rapid portfolio growth suggests underwriting standards have held firm even as GuarantCo has scaled up its guarantee commitments.

At end-Dec25, the investment portfolio stood at USD 266mln as of the reporting period (CY24: USD 183mln). Investments constitute a significant portion of the Company’s total assets and are primarily composed of debt instruments measured at fair value through profit or loss (FVTPL). The substantial year-on-year growth in the investment portfolio reflects both the redeployment of newly received capital injections and reinvestment of net finance income generated during the period. The portfolio's composition, concentrated in investment-grade rated debt instruments with capital preservation, supports a conservative market risk posture notwithstanding the portfolio's increased absolute size.

The Company continues to benefit from strong and regular capital injections from its sponsors. During CY25 and into early CY26, GuarantCo received approximately USD 12.4mln in new paid-in equity, including contributions from FCDO, SECO, DFAT, and, for the first time, GAC. Liquidity capacity was further reinforced through a USD 50mln liquidity facility signed with Standard Chartered Bank in 2025. Beyond recurring sponsor capital, GuarantCo also activated additional capacity under its Sida counter-guarantee facility during the year in support of specific transactions, providing an additional layer of contingent funding support distinct from paid-in equity.

The Company maintains a robust capitalisation position, supported by a strong shareholders' equity base relative to its guarantee portfolio. Total capital available to GuarantCo, comprising equity, debt, and callable resources, stood at approximately USD 678mln as at end-CY25, comprising USD 383mln of paid-in share capital, USD 263mln of contingent capital facilities, and USD 32mln of debt facilities. While, the shareholders' equity ratio for the Company stood at 75.9% as of end-Dec25, which is considered fairly adequate (end-Dec24: 82.5%).