Washington, DC, April 22, 2013
- IFC, a member of the World Bank Group, saw three of its infrastructure projects recognized at the Infrastructure Journal Awards 2013, which acknowledge innovation and creativity in financing infrastructure. IFC acted as lead financing arranger and lender in two of the projects, and took equity in the third.
IFC’s participation in three of the deals highlighted by the IJ Awards is testament to the organization’s increased focus on infrastructure, especially in Africa, and its success in encouraging innovative and collaborative financing arrangements.
Bernard Sheahan, IFC's Director of Infrastructure and Natural Resources for Africa and Latin America, said, “In FY12, including mobilizations, we invested a total of $4.2 billion in infrastructure globally, with $1.6 billion in Sub-Saharan Africa. We focus on bridging existing market gaps, for example in fragile and conflict affected states, and in bringing together different types of lenders, from development finance institutions to commercial banks. The transformational impact of our infrastructure work, especially in the poorest countries, is significant. Building a new road, generating power changes people’s lives, and that’s something we are making happen today.”
“Deal of the Year” went to the Egyptian Refining Company deal for being the largest ever project finance transaction in North Africa as well as having weathered the 2008 global financial crisis, the 2011 Egyptian Revolution and the devastating tsunami in Japan, home to key backers. IFC invested $120 million in equity in the project, with the aim of promoting enhanced environmental standards and cleaner domestic fuel sources in Egypt.
“Deal of the Year – Power” went to the Azito gas-fired power plant expansion in Côte d’Ivoire. The project was recognized for surviving the Ivoirian civil war and even attacks on the plant itself. With the expansion, Azito will produce a third of Côte d’Ivoire’s electricity, without consuming additional fuel. IFC was the project’s lead arranger and provided a $125 million loan.
“Deal of the Year – Renewables” was awarded to KHI Solar CSP in South Africa. The project uses state of the art technology, including a highly innovative concentrated solar power tower. IFC coordinated the financing from three European and two South African development financial institutions in a record period of three months, and extended $80 million in senior and subordinated loans, including a soft loan managed under a specific Clean Technology facility.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit