UK Export Finance has supported its biggest ever facility in West Africa to back exports of UK medical equipment
A €241m dual-tranched UKEF facility will help NMS Infrastructure Limited (NMSI) build six new hospitals through an export contract with the Côte d’Ivoire Ministry of Health and Public Hygiene. The €326 million project will see 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.
The financing structure involves a combination of buyer credit and direct lending to the Government of Côte d’Ivoire. Work on the hospitals has started and is expected to be completed in 2024.
GKB Ventures (GKB), as appointed advisors to Côte d’Ivoire’s Ministry of Economy and Finance (MOF) ran a fully transparent and competitive tender process for the financing of the project with a select group of international lenders.
On completion of the tender process, MUFG Bank was selected as the preferred lender and Mandated Lead Arranger for financing of the Project. GKB provided ongoing advice to MOF and NMSI throughout the tender, execution and documentation process. KSK law firm (Abidjan) acted as legal counsel to the borrower on the project and Ashurst acted as legal counsel for the lenders.
The project is an extremely high priority for the Government of Côte d’Ivoire as is the issue of long-dated, low cost financing. Raising the commercial loan in advance of the UKEF tranche allowed the project to proceed quickly whilst providing full price transparency to MOF across both tranches of the financing.
UKEF has appetite of up to £2 billion to support new business in Côte d’Ivoire, having doubled its capacity in recent years, and is able to provide guarantees for financing in CFA francs.
Emma Wade-Smith, HM Trade Commissioner for Africa, said:
HE Catherine Brooker, HM Ambassador to Côte d’Ivoire, said:
Jean-Marc BROU Advisor to the Prime Minister in charge of Finance, said:
Frederik Hsu, Chairman of NMSI, said:
Ed Harkins, Managing Director of GKB Ventures, said:
Background
About UK Export Finance
UK Export Finance is the UK’s export credit agency and a government department, working along-side the Department for International Trade as an integral part of its strategy and operations.
Established in 1919, it exists to ensure that no viable UK export should fail for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfil and get paid for export contracts.