Since 2012, the economy of Côte d'Ivoire has turned in a stellar performance, marked by a rapid increase in GDP that has triggered the beginnings of a reduction in poverty.
- Cliffe Dekker Hofmeyr represented Public Investment Corporation. Our South Africa-based banking & finance team advised Public Investment Corporation on its financing to Africa Finance Corporation (AFC), a multi-lateral development finance institution which specialises in financing and development on infrastructure projects across the African continent. AFC's purpose is to provide financing solutions in efforts to address the shortfall in infrastructure projects, particularly in the power, transportation infrastructure, heavy industries, oil, gas and other natural resources and telecoms sectors. Public Investment Corporation provided equity funding of US$100 million. The funding is to be used to finance infrastructure and industrial projects across the African continent. AFC's investment footprint spans 35 countries across Africa and a pipeline of projects that blend positive social and environmental impact with superior risk-adjusted returns. AFC's A3 investment-grade from Moody's enables beneficial access to global capital markets and underscores the confidence of Africa's decision makers in AFC's role as a key institution for sustainable economic development. This deal was complex in that the Public Investment Corporation became the first pension fund to invest in AFC without South Africa being a member state for the AFC. This transaction will unlock a number of infrastructure projects in the African continent and create over 10,000 permanent jobs across the African continent.
- Advised and assisted Standard Bank of South Africa Limited with issues around the commencement of business and the employment and remuneration of employees in Côte d'Ivoire.