Orrick has advised Turkish construction group Limak Cement and its Côte d’Ivoire subsidiary, Limak Africa S.A, on the financing of a major cement production facility near Abidjan in Côte d'Ivoire.
The project seeks to harness significant opportunities offered by the African cement market due to robust economic growth, a need for huge infrastructure investments and a lack of a sufficient supply of cement in certain markets. Capital costs for the project, which reached financial close on February 13, amount to €60 million, €40 million of which is being provided by development finance institutions DEG and Proparco.
“Africa's economic growth continues to drive demand for building materials, such as cement, and this transaction is set to create a major developmental impact in Côte d’Ivoire in the years to come. Orrick was delighted to be involved in this important transaction which demonstrates our ability to deploy expert teams from Paris and Abidjan on English law-governed project financings involving international financing institutions in the OHADA region,” said Simon Ratledge, who led the Orrick team.
In addition to Simon, the Orrick team included Jonathan Desplanque in Paris and Karamoko Fadiga and Jamal Fofana in Abidjan.