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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

Privatisation opportunities in sub-Saharan Africa

The size of the infrastructure deficit in sub-Saharan Africa (SSA) varies significantly and the true figure is anywhere between $100bn to $180bn per annum.

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Trump vs the Fed – who was wrong?

Just one year ago the Fed, under the current chairman Jerome Powell, aggressively raised rates, which promptly resulted in a Twitter storm by President Trump...

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Emerging Markets – Panic Justified?

EMs are not in a particularly good space at the moment, in part due to the fallout from the US-China trade war, but more specifically because of declining growth in both developed markets and EMs.

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Hedging foreign exchange risk in sub-Saharan Africa

Strategic insights and analysis of Foreign Exchange Hedging in Project Finance and Infrastructure in sub-Saharan Africa.

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Gulf War III and oil prices

If the Iranian government decides to face down the joint naval fleets of the USA and UK, the risk of a third Gulf War becomes increasingly likely...

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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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