Press release
Lomé, February 13, 2023. Banque Ouest Africaine de Développement (BOAD) and CAPITAL OF AFRICA announce the success of their mission to structure and arrange long-term financing for PETROCI for a total amount of 60 billion FCFA, with a view to implementing a Priority Investment Program in Côte d’Ivoire.
In response to the strong demand for oil and gas products in Côte d’Ivoire, and in line with the recommendations of COP 15, PETROCI has initiated an ambitious Investment Program, the total cost of which is estimated at sixty billion (60 000 000 000) CFA francs. This program includes, in particular, the transformation of the SOCOPAO quay into an oil wharf, the increase in transport capacity of existing pipelines and the construction of new pipelines, the construction of new butane gas storage capacity, and the extension of the natural gas distribution network.
As part of the program’s financing mobilization, CAPITAL OF AFRICA, PETROCI’s exclusive financial advisor, in charge of structuring the financial package and raising funds, approached BOAD to arrange the necessary financing of sixty billion (60,000,000,000) CFA francs. The financing round was completed thanks, in particular, to direct financing from BOAD in the amount of thirty billion (30 000 000 000) and the participation of Bridge Bank Group Côte d’Ivoire, acting as Agent Bank, and Banque Atlantique Côte d’Ivoire, for fifteen billion (15 000 000 000) FCFA each.
In line with its DJOLIBA strategic plan, BOAD wishes to reinforce its role as a leader in the origination, preparation and financing of structuring projects. The WADB plays an active role in the preparation (feasibility studies, etc.) and execution of these projects, involving other development institutions and the private sector in the implementation of Public-Private Partnerships (PPPs). In so doing, the Bank has positioned itself as a leader in the provision of financial advisory, financing arrangement and syndication products.
About BOAD
The Banque Ouest Africaine de Développement (BOAD) is the joint development finance institution of the countries of the West African Monetary Union (WAMU). It was created by an agreement signed on November 14, 1973. BOAD became operational in 1976. The member states are: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. Under the terms of the West African Economic and Monetary Union (WAEMU) treaty signed on January 10, 1994, which came into force on August 1, 1994, the WADB is a specialized and autonomous institution of the Union. It contributes independently to the achievement of WAEMU objectives, without prejudice to the objectives assigned to it by the WAEMU Treaty. According to Article 2 of its Articles of Association, BOAD is an international public institution whose purpose is to promote the balanced development of member states and contribute to the achievement of economic integration in West Africa.
About CAPITAL OF AFRICA
CAPITAL OF AFRICA is an independent investment bank specializing in structuring and raising funds and investments in Africa. As a financial advisor, CAPITAL OF AFRICA assists governments, public companies and foreign investors in raising funds in various sectors that are key to Africa’s development.
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