The Civil Engineering Contractor March 2018 | Page 11

INFRASTRUCTURE AFRICA
The plan follows a shareholder
agreement signed between the ICD,
the private sector arm of the Islamic
Development Bank, and the private
equity arm of India’s Infrastructure
Leasing and Financial Services Group.
The fund will launch with USD105-
million in seed capital and expects to
close its initial round of fundraising
in the first half of the year, the ICD
told reporters.
The fundraising effort was expected
to take approximately 18 months
after the first round was closed, the
ICD said.
Power and transport would be the
main sectors for the fund, which
would finance small to mid-sized
projects in ICD member countries,
with a focus on Africa, according to
the News Agency of Nigeria (NAN).
The ICD, established in 1999,
supports the economic development
of its 53 member countries. In
recent years, it has sought to widen
the appeal of Islamic finance across
Africa, home to a quarter of the
world’s Muslims.
The ICD has advised several African
governments on their plans to issue
Islamic bonds, or sukuk, with Senegal,
Nigeria, and Ivory Coast among those
that have tapped the market.
Late last year, ICD extended a
USD100-million financing facility
to the Cairo-based African Export-
Import Bank (Afreximbank).
Source: News Agency of Nigeria
CTRG is some 100km from
Mozambique’s capital, Maputo.
EAST AFRICA
MOZAMBIQUE
Power project to draw new infra investments
The IFC, part of the World Bank
Group, said its financing of the
175MW Central Térmica de Ressano
Garcia (CTRG) plant was made
together with a syndicated loan of
USD42-million from the Emerging
Africa Infrastructure Fund and Dutch
development bank, FMO.
Proparco, the development financial
institution partly owned by the French
Development Agency and Barclays
Africa group subsidiary ABSA Bank, as
arranger, provided parallel loans, the
IFC said.
The IFC said the “club of lenders’
disbursed debt facilities amounted to
a total of USD189-million”, in a move
designed to attract additional private
capital to help fund the country’s
infrastructure needs.
CTRG,
some
100km
from
Mozambique’s capital, Maputo, and close
to the South African border, is one of
the country’s first independent power
producers. The IFC said CTRG, which was
completed in early 2015, “provides highly
reliable and competitively priced power to
Mozambique’s national utility Electricidade
de Mocambique (EDM) under a 20-year
power purchase agreement.”
CTRG is owned by EDM and South
African petrochemicals group Sasol,
which provided bridge financing for
the plant’s construction up to the
project financing stage.
Source: www.out-law.com
CEC March 2018 - 9