Africa Finance Corporation (AFC), in conjunction with the African Development Bank (AfDB) and the Government of Côte d’Ivoire, has concluded the EURO 270 million financing of the flagship bridge infrastructure project in Côte d’Ivoire.
The project involves the design, construction, financing, commissioning and operation of a third bridge with three lanes in each direction, across the Ebrié lagoon, connecting Abidjan’s residential Riviera district directly with the commercial district of Marcory.
AFC and the AfDB acted as Mandated Lead Arrangers to the subordinated and senior facilities, respectively, to a syndicate of seven international lenders. AFC provided an aggregate commitment of EURO 40 million comprising senior and junior loan facilities, and an equity investment.
Once completed, the new toll bridge will connect residential and industrial areas, and provide easier access to the city of Abidjan. It is expected to reduce transportation costs by easing congestion over the existing two (non-tolled) bridges crossing the lagoon within the city. It will be constructed by the key sponsor of the project – Bouygues Group, under a turnkey fixed price arrangement. The Government of Côte D’Ivoire will provide a 30 year concession with strong Government support.
Bouygues Group, is a leading global construction, civil engineering, electrical contracting and maintenance provider. Bouygues Group’s activities include the development of residential and commercial property, construction and maintenance of transport, urban development and leisure infrastructure. Key projects developed include road and bridge projects in Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Egypt, Gabon, Equatorial Guinea, Mali, Morocco, and Senegal. Additionally, Bouygues Group constructed the N4 motorway linking eastern Johannesburg in South Africa to the port of Maputo in Mozambique.
Commenting on the financing provided to the flagship project and the Government of Cote d’Ivoire’s long term investment plan, Andrew Alli, President & Chief Executive Officer AFC said “Given the scale of Africa’s infrastructure requirement and investment deficit, the public and private sectors have to come together to develop innovative ways to provide much needed infrastructure on the continent.
The true partnership between the government and the private sector on the Konan Bedie Bridge project is a good example of how this can be done. AFC’s EURO 40 million commitment to this project, together with its recent US$100 million financing of Société Ivoirienne de Raffinage, demonstrates the Corporation’s strong commitment to support Cote d’Ivoire’s development.
The Corporation will continue to work with the Government of Cote d’Ivoire and other African governments as well as other institutions to deliver projects that will have a positive impact on economic development by constructing enabling infrastructure, creating employment, generating local procurement opportunities, and, in so doing, implement our mandate to bridge the infrastructure investment deficit in Africa”
Olivier-Bonnin – chief executive officer, Bouygues TP added “I am delighted that we have been able to successfully complete this headline transaction in conjunction an African Infrastructure financing institution such as the AFC, which has addressed the commercial imperatives necessary for the development of Africa’s industrial and infrastructure assets to drive economic growth”.