The consortium of Ecobank Capital and Africa Link Capital arranges FCFA 130 billion (260 million U.S. dollars) financing for the Road Maintenance Program of the Road Maintenance Fund (Fonds d’Entretien Routier ‘FER’) of Côte d’Ivoire.
Ecobank Capital, the investment banking arm of the Ecobank Group, the leading pan-African bank, announces that it has successfully structured and raised, as Co- Arranger with the Ivorian investment bank Africa Link Capital, a facility of FCFA 130 billion equivalent to US $ 260 million (the "Facility”) to finance the Road Maintenance Program 2013-2015 of the FER.
This success was made official by a signing ceremony held on Thursday, 20 February 2014, in the presence of technical and financial supervisors of the FER and banks participating in the syndication.
The Facility is a structured and innovative financing scheme based on a set of resources allocated to the FER, including the Unique Specific Tax (TSU) on the consumption of petroleum products, patents / licenses and car tax discs.
The Facility includes a combination of short and medium term loans structured as follows:
- Tranche A (short term loan), representing one third (1 /3) of the Facility, payable over 2 years at a rate of 7.00 % excluding taxes and,
- Tranche B (medium-term loan), representing two-thirds (2/3) of the Facility, repayable over five years at a rate of 8.00 % excluding taxes.
This combination of short and medium term facilities was tailored to fit the need to rebuild in a short time the response capacity of the FER.
Seven (7) banks participated in the syndication that was oversubscribed by 110%: Ecobank Group for FCFA 45.6 billion (USD 91.2 million), the United Bank for Africa Group (UBA) for FCFA 19.2 billion (USD 38.3 million), Société Générale for FCFA 18.2 billion (USD 26.5 million), Attijariwafa Bank Group for FCFA 18.2 billion (USD 36.5 million), Group Bank of Africa (BOA) for FCFA 18.2 billion (36 5 million USD) , BNP Paribas Group for FCFA 5.9 billion (USD 12 million) and finally BGFI Bank Group for 4.6 billion FCFA (9.1 million USD).
Notes to Editors
About Ecobank: Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 35 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group is also represented in France through its affiliate EBI SA in Paris. ETI also has representative offices in Dubai, United Arab Emirates, London, UK and Beijing, China. ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union (UEMOA) – the BRVM. The Group has more than 600,000 local and international institutional and individual shareholders. The Group employs 19,200 people from 40 different countries in 1,250 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information may be found at: www.ecobank.com.
About Africa Link Capital (ALC): Africa Link Capital was established in March 2006 as a result of the sale of the assets of the Commercial Bank of Belgian Congo (Belgolaise). The investment bank (ALC) helps companies and governments in treating major strategic and financial issues. For further information please visit: www.africalinkcapital.com
