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Advising Investec on financing of Ghana Infrastructure Company Ltd

An ‘African solutions for African Infrastructure’ transaction

DLA Piper has advised Investec Bank Limited in relation to the USD22.5 million export credit financing provided to Ghana Infrastructure Company Ltd (GIC), which was used to fund the construction of storm drainage along the Lamashiegu, Nalung-Bulpela and Tamale roads and the rehabilitation and reconstruction of certain roads within the Ashanti region in central Ghana. 

This was a highly structured transaction which directly funded the contractor (on a supplier credit basis) to develop and construct critical infrastructure in Ghana without any recourse or direct exposure for the lender to the Ghanaian government. Export credit insurance was provided by the Export Credit Insurance Corporation of South Africa, based on key goods and services from South Africa.

This transaction was included in the GTR Best Deals 2020, a list of the market’s best deals of 2019, featuring a mix of trade, commodity, supply chain and export finance, as well as fintech-led transactions.

The DLA Piper team was led by Johannesburg-based director Jamie MacDonald (Finance, Projects & Restructuring) and the team at DLA Piper Africa, Ghana (Reindorf Chambers) included Fui Tsikata (partner), Kweki Quaynor and Takyiwa Ewool (both associates).

A spokesperson for Investec, commented: “Whilst some banks are able to arrange transactions in Ghana where the Ministry of Finance is the borrower, it is less common for the repayment source to be a local contractor relying on line ministry receivables.”.

Jamie MacDonald (Director), “This transaction highlights the quality of DLA Piper's Africa offering in supporting our clients as they finance complex and highly structured projects across Africa. We are very proud to have advised Investec on this innovative financing and thank them for entrusting this important mandate to our team.”