Standard Chartered announces EUR 171 million financing for critical healthcare in Côte d’Ivoire
on November 5, 20245 November 2024, London, UK – Standard Chartered is proud to extend an Export Credit Agency-supported (ECA) financing to the government of Côte d’Ivoire as the sole Mandated Lead Arranger. This EUR 171 million transaction marks the second loan arranged by the Bank recently to enable the major development of social and healthcare infrastructure for local communities of the Republic of the Côte d’Ivoire.1
The government’s Ministry of Finance and Budget is using the proceeds of this transaction to build and expand at least 43 medical clinics, the development of which will provide access to critical healthcare across Côte d’Ivoire, including rural areas. Fifteen of these clinics will be newly built and the 28 existing clinics (their development was supported by Standard Chartered in 2021) will be enhanced and expanded with maternity wings, outpatient services and new medical equipment.
This announcement comes at a time when the government of Côte d’Ivoire has reinforced a key focus to invest in the healthcare sector through its National Development Plan 2021-2025.
Standard Chartered’s trusted partnerships with Danish ECA EIFO, Polish ECA KUKE (re-insurers) and GCC Services2, a leading contractor in Africa and the Middle East, are the driving force behind this financing, and a reflection of the leading cross-border bank’s expertise in facilitating international trade in Sub-Saharan Africa.
Faruq Muhammad, Global Head of Development and Agency Finance, Standard Chartered, says: “At Standard Chartered, we know that access to healthcare is a fundamental human right. This financing is an important opportunity to continue our critical work in Côte d’Ivoire and play our part, in collaboration with our ECA partners at EIFO and KUKE, in contributing to the prosperity of the nation for generations to come. Our participation in this vital healthcare project reflects our commitment that we are here to stay in Côte d’Ivoire and across the communities we serve across Sub-Saharan Africa.”
Peter Boeskov, CCO, EIFO, says: “EIFO holds a positive long-term view on Côte d’Ivoire and this is a project with an important health care mission. We are very pleased to participate in it with our strong partners, KUKE and Standard Chartered Bank, and it showcases EIFO’s strategic interest in supporting deals that enhance the long term welfare and prosperity of countries on the African continent. With this transaction EIFO also finances orders from a broad range of Danish SMEs and larger corporates, primarily within the healthcare equipment and project management/project logistics industries, and thus enabling the delivery of vital capabilities to Côte d’Ivoire.”
Dorota Filant, Head of Infrastructure and Real Estate, KUKE, says: “This project brings together Polish manufacturers of cables, sanitary equipment, generators, fencing, lighting, ceramic tiles, and electrical devices. Thanks to the effective cooperation of international partners in the project, KUKE got involved in the second phase of the modernization of the network of maternity hospitals in Cote d’Ivoire. Together with our partners SCB, EIFO and Alliad, we are contributing to providing safe childbirth conditions for women in this country. KUKE is eagerly and increasingly supporting projects in African countries in the fields of health care, education, food security, as well as the development of infrastructure, including water, transportation and energy. This creates opportunities for Polish manufacturers and contractors to enter new prospective markets through our Shop in Poland initiative.”
This financing follows a long line of support from the Bank to the Côte d’Ivoire. At the start of this year, Standard Chartered arranged EUR533 million of financing, backed by the African Development Bank (AfDB), for its Ministry of Finance and Budget to accelerate the country’s economic and social development.
2GCC Services is re-branding as Alliad.
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