Societe Generale supporting the "Water for all" project in Côte d'Ivoire.
Côte d'Ivoire will host one of the largest drinking water production plants in West Africa.
Around 30% of daily water consumption of Abidjan in 2025 will be supplied by a new drinkable water plant.
The construction of a new water plant on the outskirts of Abidjan comes within the national "Water for All" programme, which has been created in order to alleviate the increase in demand for clean water anticipated from 2025, especially in the deprived districts of the city. Indeed, over eight million people lack access to sanitations facilities, with over four million people still lacking access to safe drinking water. Even today, many children die daily from diarrhoeal and other water-borne diseases.
240 million litres of DRINKABLE water a day
The water supply system will be close to the road to Grand Alépé, 25 km north-east of the capital, and will treat the water from La Mé river. Thanks to its huge capacity, the plant will provide 240 million litres of drinkable water a day, thereby improving living conditions. This project will allow a more sustainable management of the aquifer around Abidjan preventing both the depletion and pollution of ground water resources.
PFO Africa, an Ivorian company specialising in construction and public works and the project's contractor, has signed a strategic agreement with Véolia Africa, cementing a partnership officially started in September 2018. Together the two companies will build a pipeline that is 28 km long and two water towers, each of which is of 5,000 m³. Construction is expected to last 30 months.
"We are very proud to carry out this structuring project for the Côte d'Ivoire government, which was possible thanks to the collaboration with our partner Véolia, and Societe Generale's financial structuring. This is one of the most important projects in the drinking water sector in West Africa."
Clyde Fakhoury, Administrative Director, PFO Africa
Development of basic infrastructure such as water sanitation and distribution facilities are crucial to achieving sustainable development and empowering communities in Côte d'Ivoire. By financing the construction of a potable water plant, Societe Generale has [modestly] assisted in the meeting of the following United Nations' Sustainable Development Goals:
#1 End poverty in all its forms everywhere;
#6 Ensure access to water and sanitation for all;
#9 Build infrastructure, promote sustainable industrialisation and foster innovation.
TFX's Best Sustainable ECA-backed deal of the year in June 2019
"Societe Generale is proud to contribute to the development of such a strategic project for Côte d'Ivoire by combining the strength of our local network and our capabilities in export finance. We are firmly committed to a sustainable future for Africa and this is a great motivation for our teams"
Hacina Py, Global Head of Export Finance
Societe Generale arranged loans to finance the construction of this €253m project for PFO Africa and the Republic of Ivory Coast. Export Finance was Mandated Lead Arranger, Lender and Agent of the Euro denominating financing, including a French export insurance guarantee, when the structured finance platform (SFG) in Abidjan acted as Mandated Lead Arranger and Agent of the FCFA denominated tranches, with the support of Societe Generale Côte d'Ivoire and Societe Generale Burkina Faso. Thanks to this transaction, Societe Generale has won TFX's Best Sustainable ECA-backed deal of the year in June 2019.
"This deal was made possible by our well-integrated international setup, combining the work of the local Societe Generale affiliate with the Export Finance team in Paris. We are very proud that their innovative combined solution, supported by BOAD, will enable Côte d'Ivoire to confront the serious threat of lack of fresh water in Abidjan"
Philippe Le Roch, Head of Structured Export Finance for Africa