Tuesday, September 21, 2021

UKEF supports the construction of major hospitals in Côte d’Ivoire

  • UKEF’s largest ever loan in Francophone Africa will finance specialized medical and non-medical devices procured from the United Kingdom.
  • The project will provide state-of-the-art, well-equipped medical services in catchments of more than 1 million people.

The € 241 million dual tranche UKEF facility is NMS Infrastructure Limited (NMSI) We will build six new hospitals under an export contract with the Ivory Coast Ministry of Health. The € 326 million project will provide design, construction, equipment and post-completion training and technical support for six hospitals in Bouake, Boundiali, Katiola, Kouto, Maninian and Wangorodugu.

The funding structure includes a combination of buyer credit and direct lending to the Côte d’Ivoire government. Work at the hospital has begun and is expected to be completed in 2024.

GKB Venture (GKB), As an appointed advisor to the Ministry of Economy and Finance of Côte d’Ivoire (MOF) Performed a completely transparent and competitive bidding process for financing projects with selected groups of international lenders.

After the bidding process was completed, MUFG Bank was selected as the preferred lender and mandatory lead arranger to finance the project. GKB Provided continuous advice to MOF When NMSI The entire bidding, execution, and documentation process. KSK Law Firm (Abidjan) acted as legal counsel for the borrowers of the project and Ashurst acted as legal counsel for the lenders.

This project is a very high priority for the Côte d’Ivoire government, as is the long-term, low-cost financing issue. Raising a commercial loan prior to the UKEF tranche allowed us to move the project forward and at the same time provide full price transparency. MOF Over both tranches of financing.

UKEF is motivated to support new businesses in Côte d’Ivoire by up to £ 2 billion and has been able to double its capacity in recent years to guarantee funding in the CFA franc.

Emma Wade-Smith, Africa’s HM Trade Commissioner, said:

This record UKEF facility in West Africa demonstrates the UK Government’s strong commitment to support sustainable economic growth across the African continent. This provides a further example of the impact of the plus on UK companies working with the African government and the private sector to drive growth, investment and job creation. It also helps explain the exciting range of opportunities seen by UK companies looking to grow and expand into new African markets.

Ambassador Catherine Brooker, HM Ambassador to Côte d’Ivoire, said:

NMSIProject will significantly improve the availability of modern medical services in Côte d’Ivoire. Through UKEF, thanks to the support of the UK Government, UK companies are in an ideal position to support infrastructure development in West Africa and seize the enormous export potential it brings.

Jean-Marc BROU, Advisor to the Prime Minister of Finance, said:

With the support of UKEF GKBWe were able to implement a completely transparent, timely, cost-effective and affordable financing solution to make this important project a success. UKEF’s ability to provide direct financing was the key to securing this transaction.

Chairman Frederik Sue NMSI, Said:

This health infrastructure project will contribute to the continued growth of the economy over the next few years and will be funded. GKB, UKEF, MUFG and lenders. DIT and UKEF have played a key role in achieving successful exports.

Ed Harkins, Managing Director GKB The Ventures said:

I am glad that I was appointed by MOF As a financial adviser to this important project. The funding bidding process provided the Côte d’Ivoire government with full price transparency, competitive tensions, and full accountability. Despite the highly volatile market, highly competitive financing is taking place. The availability of OECD fixed rates at the bottom of the curve is especially important and is one of the lowest interest rates seen since the introduction of the OECD CIRR in 1993. This provision of UKEF direct lending greatly improves the affordability of the project. Borrowers provide reliable funding to their clients at a very attractive fixed rate.

Background

About UK Export Finance

UK Export Finance Is a UK export credit agency, government sector, and works with the Department for International Trade as an integral part of its strategy and operations.

Founded in 1919, it exists to ensure that viable UK exports do not fail due to lack of funding from the private market. It provides finance and insurance to help exporters win, fulfill and receive payments on export contracts.

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