14 February 2013

Cote d'Ivoire: AFC Financed EURO 270 Million Henri Konan Bedi Bridge

press release

Côte d'Ivoire Wins African Transport Deal of the Year, 2012.

The Africa Finance Corporation (AFC) financed flagship Konan Bedie Bridge project in Côte d'Ivoire, has been awarded the Euromoney Project Finance Magazine African Transport Deal of the Year 2012.

The Euro 270 million project involves the design, construction, financing, and operation of a third bridge across the Ebrié lagoon, connecting Abidjan's residential Riviera district directly with the commercial district of Marcory.

The sponsor   of the Henri Konan Bedie project is :- Bouygues Group. The core financiers are AFC, the African Development Bank (AfDB), FMO, BOAD –(Banque Ouest Africaine de Developpement), EBID-(Ecowas Bank for Investment & Development) and the Pan African Infrastructure Development Fund.    AFC was the   mandated lead arranger of the junior tranche of the financing and provided   an aggregate commitment of EURO 40 million comprising commitments to the   senior and junior loan facilities, and an equity investment.   Once completed, the new toll bridge is expected to reduce transportation costs by easing congestion over the existing two (non-tolled) bridges crossing the lagoon within the city.   It is being constructed by the key project sponsor - Bouygues Group, under a turnkey fixed price arrangement.    The Government of Côte D'Ivoire has provided a 30 year concession.

The Euromoney Project Finance Magazine Deals of the Year Awards established over 14 years ago, are given for innovation, deal replication, best practice, problem solving, risk mitigation and speed of delivery in infrastructure financing.   The project was deemed to have exceeded all the requisite criteria.   During the award gala held in London, the project's sponsor and core financiers accepted the prestigious award, with special recognition given for the innovative nature of the project, the tenacity of the lead sponsor – Bouygues Group in developing the project, from inception to financial close, over 14 years (during and post civil conflict in Côte d'Ivoire), and the commitment of the core financing team.

The President & Chief Executive Officer AFC, Andrew Alli, said: "We are delighted to receive   this recognition of our innovation, speed and efficacy in delivering core financing to this project, and we are pleased to share this award with Bouygues Group, our financial and legal partners, without whom this critical project could not have been realised".

About AFC - www.africafc.org

  AFC is an African-led international financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets.   AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa.    AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde. AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN's USD2.0 billion Power and Aviation Intervention Fund (PAIF).   AFC is a partner with Vigeo Holdings Limited and Tata Power Delhi Distribution Limited for the acquisition of power distribution assets in the current Nigerian Government power sector privatisation round. AFC is also the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana.   AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa's connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. AFC provided a USD50 million convertible debt investment in ARM Cement Limited (ARM), the second largest cement operator in Kenya to support expansion initiatives across Eastern and Southern Africa including; development and construction of a lime plant in Tanzania and expansion of ARM's cement capacity in Kenya. The transaction marked AFC's first bilateral investment in Kenya.   AFC provided financing for Ethiopian airlines fleet expansion in the acquisition of Africa's first Boeing 777 airline.   AFC also invested in the Bakwena toll road project in South Africa and the EURO 270 million Konan Bedie Toll bridge in Côte d'Ivoire, the landmark transport PPP project in Francophone Africa, underscoring   its interest in investing in PPPs/PFIs in its focal sectors across the African continent.   AFC has launched a landmark USD15 million   project development facility with the Dutch Development Bank FMO, to fund early-stage equity investments in projects under development pre-financial close, in the infrastructure sector across sub-Saharan Africa.  

For more information, contact:

Amadou Wadda Senior Vice President Infrastructure

Africa Finance Corporation, 3a Osborne Road

Lagos, Nigeria

Tel: + 234 1 279 9600

Email: amadou.wadda@africafc.org

 

Henry Morris Head Structured and Project Finance

Africa Finance Corporation, 3a Osborne Road

Lagos, Nigeria

Tel: + 234 1 279 9600

Email: henry.morris@africafc.org

Lucy Savage Vice President, Corporate Communications

Africa Finance Corporation, 3a Osborne Road

Lagos, Nigeria

Tel: + 234 1 279 9600

Email: lucy.savage@africafc.org

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