Lionel Kruger


I am responsible for developing JCRA’s full service offering in sub-Saharan Africa, concentrating primarily on project finance and infrastructure. I’m based in the London office and work on structuring and negotiating long-term hedging solutions in major project finance transactions in the sub-Saharan African region.

T: +44 (0)207 493 3310

Email Lionel


  • Project Finance & Infrastructure
  • Commodity Hedging
  • Deal Contingent Hedging
  • FX Hedging
  • Hedge Accounting
  • Inflation Hedging
  • Interest Rate Hedging


  • Honours BComm Finance, The University of South Africa
  • BComm Economics and Business Economics, The University of South Africa

About Lionel

I joined JCRA in 2016 after running a successful consulting business in Johannesburg for 16 years. I have more than 30 years’ experience in investment and corporate banking and have served as a director and non-executive director on a number of boards.

I am passionate about conservation and find great satisfaction in assisting utility-scale renewable energy projects to reach financial close. 

I am an adrenaline junkie and enjoy motorised sports such as water skiing and quad biking when time allows. My wife, daughter and two sons occupy most of my spare time, however, and weekends are generally spent supporting the children’s various sporting activities. I enjoy good food, lots of wine and walks in the countryside.

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Published work

BRICS in the same boat

Putin’s ongoing standoff with the West has strengthened statist, nationalist and protectionist trends, delaying Russia’s transition to a more market oriented economy.

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South African General Elections 8 May 2019: A prelude to improved economic activity or a second Zimbabwe?

South Africa now finds itself precariously balanced on a knife edge. Voters should look north to their Zimbabwean neighbours for lessons from the past...

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China and the global decline in base metals demand

The trade war with the US could not have come at a worse time and coincides with slowing world growth both in developed and emerging economies...

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Of Coal and Revolutions

Coal was a major driving force in the Industrial Revolution of the 18th century, during which Britain’s huge deposits of coal allowed it to generate cheap steam power.

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Oil, Saudi Arabia and the Russian Romance

Crude oil has suffered a substantial sell-off over the past two months. The international benchmark Brent Crude dropped 32% from a high of $86.29 per barrel on 3 October 2018 to a low of $58.71.

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Looking at CPI debt as a funding and hedging mechanism

Africa needs greater private participation in debt funding, particularly to support the financing of large-scale green infrastructure schemes such as renewable energy projects.

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South African Rating Relief

South Africa heaved a collective sigh of relief on Friday as international ratings agency Moody’s decided to postpone its review of the country’s sovereign ratings.

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Summer is over

July and August have seen some spectacular moves in prices and markets. As recently as mid-August, the EURUSD was at 1.13 and ended the month testing 1.17. Emerging Market noise combined with Trump’s trade wars is certainly boosting volatility.

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Oil price drivers and the hedging conundrum

The risks of higher oil prices remains a very real threat to consumers and the energy complex offers some interesting opportunities to take out longer dated hedges.

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The UK: Inside (but somehow also outside) the EU

Brexit noise, and the resultant political turmoil, are building to a crescendo, with both sides playing an increasingly high-stakes poker game. The question is: who has the best game face?

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