Citi Hires Morgan Stanley’s Farina as Co-Head of Infra Financing

Citigroup's appointment of Morgan Stanley veteran Eric Farina as global co-head of infrastructure financing and capital solutions represents a significant strategic repositioning in the competitive landscape of African project finance. This move underscores the bank's commitment to capturing a larger share of the continent's estimated $170 billion annual infrastructure investment gap, a priority area for European investors seeking exposure to Africa's development narrative. Farina's transition from Morgan Stanley—where he accumulated substantial expertise in advising on complex cross-border infrastructure transactions—signals Citi's intention to elevate its competitive positioning in a sector where institutional knowledge and dealmaking prowess are paramount. Infrastructure financing has emerged as one of Africa's most attractive investment channels for European capital, particularly given the European Union's increased focus on sustainable development partnerships and the Green Deal's expansion into African markets. The infrastructure financing space in Africa has undergone substantial transformation over the past five years. While traditional bilateral development finance dominated the sector historically, a new ecosystem of private equity sponsors, institutional investors, and specialized lenders has emerged. European firms have capitalized on this shift, with entities like Germany's KfW and France's Agence Française de Développement increasingly syndicating deals with institutional investors. Citigroup's leadership reshuffling suggests the bank recognizes