Hogan Lovells advises AFC on Mauritania's first PPP Port Project
Paris, 20 December 2019 - Hogan Lovells has advised Africa Finance Corporation (AFC) on its funding of the redevelopment and modernisation of the port in Nouakchott, Mauritania, a $390 million joint venture set up by Meridiam and Arise PCC.
The first phase of the project will be funded via a $160 million limited recourse debt financing provided by the AFC alongside equity contributions from the Sponsors for the remaining amounts.
The objective of the project is to position Nouakchott as a maritime hub in the Sahel region, and to supply landlocked countries such as Mali with freight and other commodities.
The project constitutes Mauritania's first public private partnership project (PPP) to receive complete private financing. The country has enhanced its engagement with private sector finance as a result of a new law passed in 2017, which established a framework for PPP contracts.
Paris-based finance partners Oliver Fille-Lambie and Bruno Cantier led a team including counsel Perrine Limousin and associate Alexandre Salem.