Global law firm Ashurst has acted for MUFG as initial mandated lead arranger, the lenders and UK Export Finance on €241 million UKEF-guaranteed and direct facilities, and €52 million tied commercial facilities, to support the development and construction by NMS Infrastructure Limited of a portfolio of six new hospitals under a €326 million export contract with the Ministry of Health and Public Hygiene of the Republic of Cote d’Ivoire. The transaction is the largest ever UK Export Finance-backed financing in francophone Africa.
The project comprises the design, construction and equipping of six hospitals to be located at Bouaké, Boundiali, Katiola, Kouto, Minignan and Ouangolodougou, as well as post-completion training and technical support. Work on the hospitals has commenced and is expected to be completed in 2024. The project will provide fully-equipped modern healthcare services for a catchment area of more than a million people.
Ashurst’s International Projects Group deployed a team led by Paris partner Tom Longmuir, and including senior associate Natasha Kavanagh and associates Samia Khennous and Alix Damecour.
Ankit Khandelwal, MUFG’s Director of Africa Coverage, commented:
“We are so proud to support the Republic with this transaction, which will make a true difference to the communities of so many people in the region. In 2019, MUFG delivered Côte d’Ivoire’s issuance of the first ever Social Loan by an African sovereign government, evidencing robust efforts to set world-class standards for governance, transparency and sustainability, and this deal is no different. Congratulations to all involved.”
Commenting, Emma Wade-Smith, HM Trade Commissioner for Africa, said:
“This record-setting UKEF facility in West Africa demonstrates the UK Government’s strong commitment to supporting sustainable economic growth across the African continent. It provides a further example of the positive impact that UK companies are making, working in partnership with Governments and the private sector in Africa to spur growth, investment and job creation. It also helps to illustrate the exciting range of opportunities we see for UK companies looking to grow and expand into new markets in Africa.”
Commenting, Ashurst partner Tom Longmuir said:
“We are delighted to have assisted our clients MUFG and UK Export Finance on a project which will generate significant social benefits throughout Cote d’Ivoire. Innovative structuring and the strong support of UK Export Finance were both critical in achieving this milestone.”
Source: www.ashurst.com