IFC and MIGA Refinance Bujagali
Sunday March 18, 2018  Printer Friendly Email this article

The boards of directors of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), subsidiaries of the World Bank Group, have approved a loan of more than $400 million for the refinancing of the Bujagali hydroelectric plant in Uganda. The World Bank subsidiaries will also provide guarantees worth more than $423 million over 20 years to support investors' long-term commitment to the project.

According to the developers, thanks to this refinancing package, which will make it possible to restructure the project's debt, the institutions hope that the cost of energy production by the power station, and by implication its cost of sale, will decrease over the next five years.

The financial institutions that contributed to the loan financing of the plant in 2007 are the International Finance Corporation, the African Development Bank, the European Investment Bank, the Dutch Development Finance Corporation, the French Development Agency the German development banks DEGand KfW, as well as four commercial banks, namely ABSA, BNP Paribas, Nedbank and Standard Chartered

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