Deal Watch: Middle East & Africa

Reports on major debt, equity and M&A deals from Middle East & Africa

• Egyptian EETC signs EGP4 billion syndicate loan contract [free access]

  August 23, 2021
  The Egyptian Electricity Transmission Company (EETC) has signed an EGP4 billion loan deal with the National Bank of Egypt (NBE), Commercial International Bank-Egypt (CIB), Banque du Caire, and the National Bank of Kuwait (NBK).

• AfDB grants USD6 million for West African Sahel Transmission Backbone

  July 12, 2021
  The African Development Bank (AfDB) has approved a grant worth USD6 million for launching the initial phase of the Desert to Power West Africa Regional Energy Programme, which is an AfDB initiative expected to transform the Sahel region by harnessing the region's abundant solar potential.

• Indian Exim Bank lends USD35 million for executing 225 kV project in Senegal

  July 12, 2021
  The Export-Import Bank (EXIM Bank) of India has extended a loan of USD35.26 million for executing a 225 kV transmission line project in Senegal, which is being executed by Indian engineering, procurement and construction (EPC) major Kalpataru Power Transmission Limited (KPTL).

• Japanese JBIC signs loan agreement with Saudi’s SEC for T&D projects

  July 8, 2021
  The Japan Bank for International Cooperation (JBIC) has signed a loan agreement worth USD500 million with Saudi Electricity Company (SEC), of which JBIC's portion is USD250 million.

• AfDB grants USD83.6 million to support second Ethiopia–Djibouti link

  July 8, 2021
  The African Development Bank (AfDB) has approved a grant worth USD83.6 million for supporting the implementation of the 230 kV Ethiopia–Djibouti Second Power Interconnection project.

• World Bank approves funding for West Africa's regional electricity access, BESS

  June 16, 2021
  Recently, the World Bank has approved financing worth USD465 million for executing the Regional Electricity Access and Battery-Energy Storage Technologies (BEST) Project for the member countries of the Economic Community of West African States (ECOWAS).

• Zanzibar gets approval for USD142 million ZESTA Project

  June 15, 2021
  The World Bank has approved USD142 million of funding for the implementation of the Zanzibar Energy Sector Access and Transformation (ZESTA) Project, which aims to modernise Zanzibar's electricity network and integrate the upcoming renewable energy (RE) installations into the grid.

• Financial support extended by EIB, EU for 225 kV Guinea–Mali link

  April 26, 2021
  The European Investment Bank (EIB) and the European Union (EU) will provide financial assistance worth EUR330 million for the development of the 225/30 kV Projetd’ Interconnexion Électrique Guinée Mali (PIEGM) or the Guinea–Mali Electric Interconnection Project, which will evacuate power from both countries’ hydropower plants (HPPs) and provide millions of people in West Africa with access to clean and affordable energy.

• Angola receives USD530 million of financial support from AfDB for 400 kV line

  March 16, 2021
  The African Development Bank (AfDB) will provide financial support worth USD530 million for the construction of the 343-km-long, 400 kV Huambo–Lubango transmission line project.

• UAE-based FEWA’s ownership transferred to Emirates Investment Authority

  February 15, 2021
  The United Arab Emirates’ (UAE) Federal Electricity and Water Authority’s (FEWA) ownership has been transferred to the UAE’s sovereign wealth fund, the Emirates Investment Authority, and now will be known as Etihad Water and Electricity (EWE).

• Ghana’s GRIDCo receives grant to upgrade interconnection with Burkina Faso

  January 27, 2021
  The European Union (EU), through the Agence Française de Développement (AFD), has approved additional financial support of EUR9.7 million in the form of a grant to Ghana Grid Company Limited (GRIDCo) for upgrading Ghana’s section under the Ghana–Burkina Faso grid interconnection.

• Madagascar receives USD43 million loan from AfDB for PRIRTEM-II

  December 17, 2020
  The African Development Bank (AfDB) has approved a loan of USD42.9 million for financing the second phase of the Power Transmission Network Reinforcement and Interconnection Project in Madagascar (PRIRTEM-II).

• Tanzania secures USD31 million grant from AFD for 400 kV grid link with Zambia

  December 15, 2020
  Recently, the Agence Française de Développement (AFD) has signed a financing agreement with Tanzania for providing USD31.5 million in the form of a grant for the implementation of the Tanzania–Zambia Transmission Interconnector Project (TAZA).

• Saudi SEC signs syndicated financing agreement with seven local banks

  September 1, 2020
  As per news reports, the Saudi Electricity Company (SEC) has signed a seven-year unsecured syndicated borrowing agreement worth SAR9 billion with seven major Saudi banks, namely National Commercial Bank, Bank Albilad, Al-Rajhi Bank, Riyad Bank, Samba Financial Group, Banque Saudi Fransi and the Saudi British Bank.

• Jordan, Saudi Arabian Energy Ministries sign MoU for connecting grid networks

  August 18, 2020
  Jordan’s Ministry of Energy and Mineral Resources and Saudi Arabia’s Ministry of Energy have signed a memorandum of understanding (MoU) on the framework for connecting the power grids of both the countries, via 164-km-long line passing from Qurayyat (Saudi Arabia) to East Amman (Jordan).

• Gambian GERMP receives USD43 million grant from IDA

  July 8, 2020
  Recently, the Gambian government has received financial support worth USD43 million, in the form of a grant from the International Development Association (IDA), for the implementation of the Gambia Electricity Restoration and Modernisation Project (GERMP).

• UAE’s TAQA completes AED200 billion asset swap deal with ADPower

  July 2, 2020
  Abu Dhabi Power Corporation (ADPower), a subsidiary of government-owned Abu Dhabi Development Holding Company PJSC, has completed the transfer of majority of its power generation, transmission and distribution (T&D) assets to one of its subsidiaries — Abu Dhabi National Energy Company (TAQA), in exchange for 98.60% of share capital.

• AfDB to provide EUR30 million via EU for 225 kV Cameroon–Chad power link

  June 29, 2020
  Recently, the African Development Bank (AfDB) has signed an agreement for extending financial support worth EUR30 million through a European Union (EU) grant, for the implementation of the 225 kV Cameroon–Chad Interconnector Project (CCIP).

• AFD to provide EUR100 million loan to Tanzania for 400 kV link with Zambia

  June 29, 2020
  The Tanzanian Ministry of Finance and Planning and the Agence Française de Développement (AFD) have signed a financing agreement for providing EUR100 million through a concessional loan for the 400 kV Tanzania–Zambia interconnector, which is part of the Zambia–Tanzania–Kenya (ZTK) interconnection project.

• IDA provides USD385 million support for 225 kV Cameroon–Chad link

  June 16, 2020
  The World Bank’s International Development Association (IDA) has provided financial support worth USD385 million for the implementation of the 225 kV Cameroon–Chad Interconnector Project (CCIP), which aims to increase access to electricity and enable power trade between Cameroon and Chad.