Mark Worrall, CEO of the Estates and Infrastructure Exchange (EIX), a regulated global platform that is transforming the way infrastructure projects are financed, structured and traded, said filling Africa’s infrastructure gap will require a change in the way projects are delivered.
Traditional design-build-finance-operate models alone cannot meet the continent’s infrastructure needs, estimated at US$130 billion to US$170 billion annually. That’s because they often fail in environments with limited upfront capital or high sovereign risk premiums, Worrall said.
“Instead, we need capital-aligned delivery, where projects are built around institutional investors’ risk appetite and timelines. This requires modular development, transparent digital reporting, and results-based risk mitigation, which is exactly what our platform (EIX) enables.”
“EIX designs and markets credit-rated, index-linked infrastructure bonds that are subject to Solvency II matching adjustment rules. Our model allows insurance and pension investors to efficiently hold capital at scale and with capital adequacy requirements as low as 2-3%. By combining parametric insurance, transparent issuance through Aquis-EIX, and underwriting projects at the capital structure level, we have effectively created a next-generation infrastructure investment market.”
Indeed, insurance and pension funds are recognized as a stable source of funding that remains largely untapped and could help fill Africa’s huge infrastructure development gap.
According to the Africa State Infrastructure Report 2025, released by the African Finance Corporation in June, the continent’s domestic capital pool is estimated to be more than $4 trillion, including $455 billion in pensions, insurance, etc. This includes more than $1.6 trillion in the non-bank sector overall, including $320 billion in official development banks, $150 billion in sovereign wealth funds, and $473 billion in foreign exchange reserves.
“The private sector, particularly insurance companies, has trillions of dollars of dry powder, but there is a lack of products that meet liability-oriented mandates,” Worrall said. “EIX can help close that gap by structuring projects that meet Solvency II capital standards wherever possible and by offering insurance policies with index-linked credit ratings. Through this lens, if just 1% of an insurer’s capital is allocated to African infrastructure, more than half of the gap can be closed each year.”
The CEO recognizes the huge opportunity that Africa’s infrastructure market holds.
“Africa represents one of the world’s greatest infrastructure opportunities,” Worrall said. “The potential lies not only in demographic and urbanization trends, but also in unique opportunities to leapfrog traditional financial models.
“EIX’s capital-first methodology allows us to pre-structure African projects and attract global institutional capital, especially insurance funds, without being constrained by opaque syndicate-led structures or sovereign credit dependence. The ability to list, rate and insure projects from day one opens up transformative possibilities in sectors such as energy, water, logistics and social infrastructure.”
On how EIX can be used to accelerate construction projects in Africa, Worrall says the company’s model is built on three core pillars. These include private placement bonds, which are project-specific credit rating products typically issued with terms of 20 to 30 years. “Investors have clear and transparent access to the project’s revenue streams,” says Worrall.
EIX also leverages parametric insurance to replace traditional guarantees, triggering immediate repayment in the event of predefined project events such as defaults, delays, and underperformance. “It’s managed by objective metrics, which gives investors confidence,” Worrall said.
The third core pillar is the Aquis-EIX secondary market, developed in partnership with UK-based financial services company Aquis Exchange. “This is where these products are listed, providing liquidity and price discovery,” Worrall said. “For African projects, this means exit routes for early-stage investors, portfolio-level transparency and better pricing.
“Together, these mechanisms will bring African projects into the same investment universe as developed market infrastructure assets.”
The CEO believes that African governments should focus on building resilient energy systems, urban logistics and water infrastructure, and digital connectivity. “These will unlock cross-sector productivity, enable regional trade and build resilience to climate change,” Worrall says.
“Importantly, governments should prioritize the bank’s potential, not just its needs. This means early viability, transparency in governance, and predictability of returns. If these are in place, capital will follow.”
EIX is currently in final stage discussions on several projects in Africa, particularly in the areas of waste-to-energy, renewable energy and water treatment. For example, the company is working on a pan-African sustainable waste transformation initiative that leverages industrial waste from East Africa.
“While our project development in Africa is at an early stage compared to Europe and North America, we are in advanced discussions to bring three new African listings to Aquis-EIX within the next 12 months, all of which are investment grade, index-linked and potentially insured,” Worrall said.
Photo: Mark Worrall (Source: LinkedIn)
