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Celtel Kenya CELTEL KENYA KES 725 million partial credit guarantee to credit enhance a local bond issue as part of a larger financing package for the second mobile telecommunications provider in Kenya. Transaction Overview Date: December 2005 Country: Kenya Developmental Benefit GuarantCo Guaranteed Amount: Kenya Shillings (KES) 725 million (USD 12 million) Celtel Kenya needed to restructure its balance sheet by exchanging costly Total Transaction size: KES 3.5 billion foreign currency shareholder loans with local currency debt. This allowed the Financing Partners: FMO, DEG company to run a more capital-efficient and competitive business and expand its GuarantCo Additionality: network. This helped to reduce tariffs, thus making mobile services affordable to As part of its initiative to maximise local currency financing, Celtel Kenya sought to raise Kenyan Shilling a greater proportion of the population. debt from the local capital market. However, in order to place debt in the local capital market, Celtel Kenya needed to obtain credit enhancement from an AAA-rated institution. GuarantCo’s involvement enabled FMO to arrange and underwrite the required credit enhancement for the debt issuance. The facility provided a major boost to the Kenyan capital market due to the demonstration effect of a private sector non-financial institution’s successful bond listing. ALAF LIMITED TZS 6.5 billion partial credit guarantee made available to provide credit enhancement for a bond issue to finance the expansion of a steel plant in Tanzania Transaction Overview Date: June 2007 Country: Tanzania Developmental Benefit GuarantCo Guaranteed Amount: Tanzania Shillings (TZS) 6.5 billion (USD 5.1 million) The Safal group is one of the biggest producers of steel roofing in Africa, widely Total Project Cost: TZS 37.3 billion used in affordable housing. The proposed investment in their Tanzanian plant Financing Partner: IFC introduced new and more affordable product lines, besides improving quality of GuarantCo Additionality: existing production, thus providing access to better quality housing products to low The Safal Group proposed to partly fund its proposed new product line in Tanzania by local currency and middle income households. bonds, but needed credit enhancement to be able to access the local capital market. GuarantCo and IFC’s guarantee, covering 75% of the bond amount, was critical for Safal to begin the process of issuing the bonds. The guarantee was agreed by IFC and GuarantCo in 2007 but was not in the end required as Alaf eventually managed to access the bond market without credit enhancement in 2009. However, the availability of the guarantee played an important role in catalysing the investment 2 years earlier than would have otherwise been possible as Safal was prepared to inject its equity portion up front knowing the debt portion was secure. It is a feature of GCo’s support that no early penalties are charged for cancellation, thus encouraging clients to graduate to purely commercial finance at the earliest opportunity. MABATI ROLLING MILLS KES 750 million partial credit guarantee made available to provide credit enhancement for a bond issue to finance the expansion of a steel plant in Kenya Transaction Overview Date: June 2007 Country: Kenya Developmental Benefit GuarantCo Guaranteed Amount: Kenyan Shillings (KES) 750 million (USD 9.7 million) The Safal group is one of the biggest producers of steel roofing in Africa, widely Total Project Cost: KES 3 billion used in affordable housing. MRM is their flagship operation in E Africa. Demand for Financing Partners: IFC steel roofing has been growing, in line with the rapid growth in housing activity in GuarantCo Additionality: the region. The new capacity at Safal’s Kenya plant will enable them to meet the The Safal Group proposed to partly fund its proposed plant capacity expansion in Kenya by local currency growing demand while continually bonds, but needed credit enhancement to be able to access the local capital market. GuarantCo and IFC’s improving product quality. guarantee, covering 75% of the bond amount, was critical for Safal to begin the process of issuing the bonds. The availability of the guarantee in 2007, while not eventually required, played an important role in catalysing the investment 18 months earlier than would have otherwise been possible. Safal’s access to Kenya’s domestic capital market without a guarantee, a significant and welcome sign of increased market sophistication, was facilitated by GuarantCo and IFC’s timely support. GuarantCo was then able to recycle its capacity for other projects in the region. CELTEL CHAD XAF 3.5 billion partial credit guarantee for Afriland Bank to provide additional lending to the leading mobile telecommunications provider in Chad Transaction Overview Developmental Benefit Date: October 2007 Country: Chad The link between mobile phone use and GuarantCo Guaranteed Amount: CFA Franc (XAF) 3.5 billion (USD 8 million) development has been widely documented, particularly in Africa. The Total Transaction size: XAF 14.8 billion further network expansion, partially financed by the GuarantCo covered loan, Beneficiaries & Financing Partners: Afriland First Bank, FMO has helped expand the network into more rural areas. Celtel Chad leads the way in GuarantCo Additionality: expanding the mobile network, so for many areas this will be the first time they In line with Celtel policy to increase local currency financing, Celtel Chad sought additional CFA financing have had access to a mobile services. In for capital expenditure and to refinance USD shareholder loans. The joint guarantee by FMO and addition, the ability to roam over a larger GuarantCo enabled Afriland First Bank to increase its loan beyond its normal lending cap to meet Celtel proportion of the country is particularly Chad’s full debt requirements. useful for Chad as it has a significant nomadic population. SHRIRAM I INR 900 million partial credit guarantee of the mezzanine tranche of a truck finance receivables securitisation in India Transaction Overview Developmental Benefit Date: December 2008 Country: India Shriram finances small truck owner- operators who would otherwise have to GuarantCo Guaranteed Amount: INR 900m (USD 19 million) borrow from unlicensed money lenders. The finance enables thousands of poor Total Transaction Size: INR 21 billion truck drivers to purchase their own vehicles rather than remaining Beneficiaries & Financing Partners: Deutsche Bank, FMO employees. GuarantCo Additionality: The mezzanine guarantee was a product not available from Indian investors. This Deutsche were seeking to syndicate an INR 2,036 million mezzanine tranche in a securitisation of truck intervention enabled a much larger capital finance receivables but were struggling as there was no investor appetite for mezzanine debt in India. markets transaction to be completed GuarantCo, in collaboration with FMO, was able to guarantee the mezzanine tranche thereby enabling the without which Shriram would have successful securitisation. reduced its support to the sector. GuarantCo and FMO’s facility helped demonstrate the commercial viability of mezzanine guarantees in the The Shriram group is one of the corporate nascent Indian securitisation market and today Shriram is able to get such guarantees from private sector leaders in HIV awareness and reduction banks. GuarantCo and FMO’s intervention helped this transition to more sophisticated financial products, programmes. The Shriram Transport thus building additional capacity in the local capital markets business is essential to the programmes, as the company has unrivalled access to truck drivers to run health and education programs. WATANIYA PALESTINE TELECOM USD 10 million partial risk guarantee of two Palestinian banks lending to a start-up mobile telecommunications operator in the Palestinian Territories Transaction Overview Developmental Benefit Date: January 2009 Region: Palestinian Territories, West Bank Mobile phone penetration in Gaza and the GuarantCo Guaranteed Amount: USD 10 million West Bank was a relatively low 29% in 2008 as the service was poor. WPT has Total Project cost: USD 145 million introduced high quality communications services at affordable prices. Increased Beneficiaries & Financing Partners: Bank of Palestine, Commercial Bank of Palestine competition is expected to lead to lower tariffs and reliable services for consumers GuarantCo Additionality: which will reduce the cost of doing business in all sectors. Given the By providing a guarantee, GuarantCo enabled Wataniya Palestinian Telecom (“WPT”) to access USD 25m restrictions on movement for Palestinians, of financing from two local banks, the Bank of Palestine and Commercial Bank of Palestine. WPT was good mobile telecommunications are keen to involve as much financial support from the Palestinian banking sector as possible. BoP and CBoP even more critical for social and economic have substantial USD deposits (Palestine doesn’t have its own currency) and were enthusiastic to support development than elsewhere. this major investment. However local bank regulations limited the amount they could lend without a guarantee. Offshore financing also came from overseas lenders including IFC, Standard Bank and The single largest private sector Ericsson Credit (the latter two partially guaranteed by EKN, the export credit agency of Sweden) investment in Palestine, WPT will demonstrate to other investors that the investment climate has improved and that other infrastructure projects
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