SINGAPORE - Clifford Capital, a project finance company backed by Singapore state investor Temasek and set up by the finance ministry, has appointed Clive Kerner as its chief executive officer, and will begin operations in the last quarter of the year.
Kerner was previously the CEO of Linq Asia Capital AG, a specialist finance company focused on high-yield credit and mezzanine credit investing in Southeast Asia, Clifford said in a statement.
Clifford, which was set up to plug gaps in project financing for large, long-term crossborder projects, counts Temasek, DBS Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Prudential Assurance Company Singapore and John Hancock Life Insurance Company as its shareholders.
Clifford said it expects to provide about $400 million of financing annually once it builds up its operations.
"We will initially focus on longer-term financing in support of Singapore-based companies engaged in projects in emerging markets such as Asia, the Middle East, Africa and Latin America," said Kerner.
He added that Clifford's target sectors are infrastructure, particularly power, waste and water treatment and transport, as well as offshore and marine.
The Singapore government will guarantee debt instruments issued by Clifford, it said.