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Framework for and available opportunities in Public Private Partnership
towards Infrastructure Development in Ekiti State


                           Ado-Ekiti
                       14 October 2011
               Presentation by Dr. Ousmane Dore
            Resident Representative Nigeria Field Office


Who We Are:
       •   AfDB is the Pan-African Multilateral Development Bank
       •   Infrastructure Finance, Private Sector Development, and Regional
           Integration are institutional top priorities
       •   AfDB leverages its AAA balance sheet to support the economic
           development in its Regional Member Countries
       •   AfDB has consistently been a major financier to the Energy Sector in
           Africa
       •   Originator for Clean Technology Fund (CTF) Co-financings in Africa,
           along with World bank Group
       •   One of the pioneer originators of PPP road concession project in Nigeria
           (Lekki Toll Road)
Nigeria Field Office
       •   ADB Group Funding Opportunities
       •   The ADB Group has several financing Windows, the most important
           are:
       •   i) ADF
       •   ii) ADB
       •   iii) NTF
       •   iv) NEPAD IPPF
       •   v) Bi-lateral Trust Funds


Bank Public Sector funding in Nigeria: African Development Fund (ADF).


	
                                                                               1	
  
Funding Requests are passed through the Federal Ministry of Finance for due
diligence;
       •   Funds for Projects, Technical Assistance & Studies;
       •   The ADF = concessionary window (interest free);
       •   Beneficiaries contribute a minimum of 10%


African Development Fund (ADF)
Loans repayable over 50 years including 10 years grace period;
       •   Service charge 0.75% per annum
       •   Commitment charge 0.5% on the undisbursed portion of the loan;
       •   ADF for low-income countries
The NTF (Nigeria Trust Fund) – established by Government of Nigeria
       •   To assist development of more disadvantaged member counties
       •   Nigeria does not qualify to borrow from this Window;
       •   Interest rate 4 %, repayable over 25 years;
       •   Grace period 6 years;


NEPAD-IPPF
Infrastructure Project Preparation Facility:
       •   Grants for studies
       •   Applied to project/programme development and preparation activities
           ceiling of US$ 500,000
       •   Beneficiaries contribute a minimum of 5%
       •   •   Managed by Partnerships & Cooperation Dept. (ORRU)
       •   Generally for studies and institutional support
       •   Procurement of services often limited to firms originating from Trust
           Fund Donor Country
       •   The AfDB’s private sector development strategy
       •   Assist African governments to improve the enabling environment for the
           private sector:
       •   Improve essential physical infrastructure (e.g. power, ICT, transport)


	
                                                                                  2	
  
•   Improve “soft infrastructure” (e.g. regulatory and legal frameworks, tax
           reforms, trade liberalization)
       •   Create a catalytic and demonstration effects by assisting entrepreneurs
           with specific transactions:
       •   Private sector operations (e.g. corporations, banks, MFIs)
       •   Public-Private partnerships (e.g. utilities, project finance)


The         AfDB       can     help      investors     achieve     business   success
Sources of Comparative Advantage
       •   Project selection track record – low loss rate (<3%)
       •   Packaging diverse resources – ADB, ADF, TA grants
       •   Low cost – LIBOR + 65 to 450 basis points
       •   Dialogue with governments – mitigate political risks
       •   Increasingly responsive – private sector pace
       •   Reliable – transactions get done; $1.4 billion in 2007
       •   Scale to handle big transactions – $0.5 to US$ 500 million
       •   Strong risk management – fixed, floating, local currency
       •   The AfDB adapts its instruments to meet its clients’ needs
       •   Instruments
       •   Senior Debt – Up to 20 years, foreign or local currencies
       •   Guarantees – partial risk, partial credit
       •   Subordinated Debt – local currency
       •   Equity – direct, equity funds, up to 25%
       •   Concessional Loans – can be combined with commercial resources in
           low income countries for PPPs
       •   Technical Assistance – grants for studies, capacity building
Key Private Investment Selection Criteria
       •   Consistency with AfDB Strategy in the Regional Member Country
       •   Commercial Viability
       •   Expected Development Outcomes



	
                                                                                 3	
  
AfDB                                                                    Additionality
Highlights        of   some    private    sector   projects   across   the   continent
UGANDA: Bujagali project – an excellent example of a public-private
partnership Bujagali Hydro Power Project
       •   Uganda
       •   Investment USD 1.0 bn
       •   ADB loan USD 110 mn
ADB roles
       •   Economic analysis
       •   Power & T-lines
       •   ACFA co-financing
Benefits
       •   Power, jobs
       •   Environmental
Private sector projects in Nigeria
       •   Investment USD 1 bn
       •   ADB loan USD 100 mn
ADB roles
       •   Political risk mitigation
       •   Environmental Standards
Benefits
       •   Royalties
       •   Jobs




Outline of private sector Approvals/ investments to commercial banks in
Nigeria:
       •   Guaranty Trust Bank     -     LOC I & II – USD 140 million
       •   Zenith Bank             -     LOC I & II – USD 150 million
       •   United Bank of Africa -        ELF & TFI – USD 150 million


	
                                                                                  4	
  
•   Access Bank               -    LOC – USD 35 million
       •   Microfinance Banks        -     AB Microfinance USD 1 million Grant
       •   Insurance             -       Equity investment in Africa Reinsurance
Telecommunication Infrastructure Amount committed: USD 30 million
By providing wireless operators with FULLY-MANAGED tower sites on a
leased basis, we deliver the highest levels of QOS and the vast coverage that
our customers need to grow ROBUST and EFFICIENT networks.
Main One cable system Amount committed: USD 66 million
Founded by privately owned Main Street Technologies, the dual fiber pair,
1.92-Tbps, the project is expected to span 14,000 km and provide additional
capacity for international and Internet connectivity to countries between
Portugal and South Africa on the west coast of Africa. The submarine cable
project is designed in two phases, of which the first phase was commissioned
in June 2010.


Pioneer PPP Road Infrastructure Project in Nigeria
The Lekki Toll Road Project is the first transport PPP in Nigeria: Lekki Toll-
Road Project
       •   Nigeria
       •   Cost: USD 430 mn
       •   ADB loan: NGN 7.45 bn
ADB Roles:
       •   Local currency lender
       •   Long-term lender
Benefits:
       •   Better road transportation
       •   Journey time saving
       •   Improved road safety
NIGERIA: PPP candidates:
       •   ADF Public & ADB Private Sector:
       •   Cable-Propelled Transport Project Lagos (ADB)


	
                                                                                 5	
  
•   Nigeria Urban Transport Project (ADF/ADB/CTF)
         •   The Lekki Toll Road Project is the first transport PPP in Nigeria
         •   Cost: USD 430 mn
         •   ADB loan: NGN 7.45 bn
         •   ADB Roles:
         •   Local currency lender
         •   Long-term lender
         •   Benefits:
         •   Better road transportation
         •   Journey time saving
         •   Improved road safety


NIGERIA: Funding Requests Ekiti State
Nigeria Rural Access & Renewable Energy Project
Focus technologies:
         •   Solar PV, in particular for water supply (“motorized boreholes”) and
             low-cost solar PV lighting (lanterns – see “Lighting Africa” initiative)
         •   Hydro power, but tied to the availability of pre-feasibility studies
         •   “Exotics” for exceptional conditions (wind, biofuels, biogas)


NIGERIA: Funding Requests Ekiti State
Nigeria Rural Access & Renewable Energy Project
http://www.lightingafrica.org/
       Lighting Africa Standardized Specification Sheets (SSS) are based on
comprehensive LA-QTM results. They include the most relevant product
performance metrics in an aggregate, easy to read format and are valid for up to
two years. Verification testing is based on random sampling in the market to
ensure continued quality and performance. All of the products with a SSS have
met minimum quality standards, which includes basic truth in advertising and
durability requirements.




	
                                                                                      6	
  
NIGERIA: Funding Requests Ekiti State
Capacity Building for Public Private Partnerships in Infrastructure (CB4PPPi)
       •   Approved in 2011
       •   National Assemblies’ approval is outstanding
       •   Loan signature is pending
       •   8-10 candidate States can request for support (if enabling PPP
           environment exists)
       •   States to submit official funding requests to ICRC (implementation
           agency)
NIGERIA:                   Funding          Requests           Ekiti          State
Capacity Building for Public Private Partnerships in Infrastructure (CB4PPPi)
– cont.
       •   Pre-feasibility studies
       •   Support to State PPP units
       •   Training
       •   Capacity Building
       •   Transaction advisory services
       •   Sectors: Energy/power & transport


NIGERIA: Funding Requests Ekiti State
Ero Dam Water Supply & Sanitation Scheme – Feasibility Study & Detailed
Design
       •   State Govt to submit request for study to IERD FMF (incl. TOR &
           detailed budget)
       •   FMF to vet & submit request to AfDB
       •   Key Engagement: cost recovering tariffs
       •   Possible funding sources:
       •   PPF (Project Preparation Facility – ADF)
       •   AWF (African Water Facility)
In summary...
       •   There are huge opportunities for profitable PPP investment in Nigeria.


	
                                                                                  7	
  
•   Although the investment climate is improving, it is still quite
           challenging.
       •   The AfDB knows Africa like no other institution.
       •   The   African   Development     Bank    is   partners    that   can   help
           investors/project developers achieve business success.


Principal contact
Ousmane Dore, Ph.D
Resident Representative
AfDB. Nigeria Field Office.
8, Lake Chad Crescent, Maitama – Abuja.
Nigeria
E-mail: o.dore@afdb.org;
Cell: +234 (0) 702 599 1239
	
  




	
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Framework for and Available Opportunities in Public Private Partnerships towards Infrastructure Development in Ekiti State

  • 1. Framework for and available opportunities in Public Private Partnership towards Infrastructure Development in Ekiti State Ado-Ekiti 14 October 2011 Presentation by Dr. Ousmane Dore Resident Representative Nigeria Field Office Who We Are: • AfDB is the Pan-African Multilateral Development Bank • Infrastructure Finance, Private Sector Development, and Regional Integration are institutional top priorities • AfDB leverages its AAA balance sheet to support the economic development in its Regional Member Countries • AfDB has consistently been a major financier to the Energy Sector in Africa • Originator for Clean Technology Fund (CTF) Co-financings in Africa, along with World bank Group • One of the pioneer originators of PPP road concession project in Nigeria (Lekki Toll Road) Nigeria Field Office • ADB Group Funding Opportunities • The ADB Group has several financing Windows, the most important are: • i) ADF • ii) ADB • iii) NTF • iv) NEPAD IPPF • v) Bi-lateral Trust Funds Bank Public Sector funding in Nigeria: African Development Fund (ADF).   1  
  • 2. Funding Requests are passed through the Federal Ministry of Finance for due diligence; • Funds for Projects, Technical Assistance & Studies; • The ADF = concessionary window (interest free); • Beneficiaries contribute a minimum of 10% African Development Fund (ADF) Loans repayable over 50 years including 10 years grace period; • Service charge 0.75% per annum • Commitment charge 0.5% on the undisbursed portion of the loan; • ADF for low-income countries The NTF (Nigeria Trust Fund) – established by Government of Nigeria • To assist development of more disadvantaged member counties • Nigeria does not qualify to borrow from this Window; • Interest rate 4 %, repayable over 25 years; • Grace period 6 years; NEPAD-IPPF Infrastructure Project Preparation Facility: • Grants for studies • Applied to project/programme development and preparation activities ceiling of US$ 500,000 • Beneficiaries contribute a minimum of 5% • • Managed by Partnerships & Cooperation Dept. (ORRU) • Generally for studies and institutional support • Procurement of services often limited to firms originating from Trust Fund Donor Country • The AfDB’s private sector development strategy • Assist African governments to improve the enabling environment for the private sector: • Improve essential physical infrastructure (e.g. power, ICT, transport)   2  
  • 3. Improve “soft infrastructure” (e.g. regulatory and legal frameworks, tax reforms, trade liberalization) • Create a catalytic and demonstration effects by assisting entrepreneurs with specific transactions: • Private sector operations (e.g. corporations, banks, MFIs) • Public-Private partnerships (e.g. utilities, project finance) The AfDB can help investors achieve business success Sources of Comparative Advantage • Project selection track record – low loss rate (<3%) • Packaging diverse resources – ADB, ADF, TA grants • Low cost – LIBOR + 65 to 450 basis points • Dialogue with governments – mitigate political risks • Increasingly responsive – private sector pace • Reliable – transactions get done; $1.4 billion in 2007 • Scale to handle big transactions – $0.5 to US$ 500 million • Strong risk management – fixed, floating, local currency • The AfDB adapts its instruments to meet its clients’ needs • Instruments • Senior Debt – Up to 20 years, foreign or local currencies • Guarantees – partial risk, partial credit • Subordinated Debt – local currency • Equity – direct, equity funds, up to 25% • Concessional Loans – can be combined with commercial resources in low income countries for PPPs • Technical Assistance – grants for studies, capacity building Key Private Investment Selection Criteria • Consistency with AfDB Strategy in the Regional Member Country • Commercial Viability • Expected Development Outcomes   3  
  • 4. AfDB Additionality Highlights of some private sector projects across the continent UGANDA: Bujagali project – an excellent example of a public-private partnership Bujagali Hydro Power Project • Uganda • Investment USD 1.0 bn • ADB loan USD 110 mn ADB roles • Economic analysis • Power & T-lines • ACFA co-financing Benefits • Power, jobs • Environmental Private sector projects in Nigeria • Investment USD 1 bn • ADB loan USD 100 mn ADB roles • Political risk mitigation • Environmental Standards Benefits • Royalties • Jobs Outline of private sector Approvals/ investments to commercial banks in Nigeria: • Guaranty Trust Bank - LOC I & II – USD 140 million • Zenith Bank - LOC I & II – USD 150 million • United Bank of Africa - ELF & TFI – USD 150 million   4  
  • 5. Access Bank - LOC – USD 35 million • Microfinance Banks - AB Microfinance USD 1 million Grant • Insurance - Equity investment in Africa Reinsurance Telecommunication Infrastructure Amount committed: USD 30 million By providing wireless operators with FULLY-MANAGED tower sites on a leased basis, we deliver the highest levels of QOS and the vast coverage that our customers need to grow ROBUST and EFFICIENT networks. Main One cable system Amount committed: USD 66 million Founded by privately owned Main Street Technologies, the dual fiber pair, 1.92-Tbps, the project is expected to span 14,000 km and provide additional capacity for international and Internet connectivity to countries between Portugal and South Africa on the west coast of Africa. The submarine cable project is designed in two phases, of which the first phase was commissioned in June 2010. Pioneer PPP Road Infrastructure Project in Nigeria The Lekki Toll Road Project is the first transport PPP in Nigeria: Lekki Toll- Road Project • Nigeria • Cost: USD 430 mn • ADB loan: NGN 7.45 bn ADB Roles: • Local currency lender • Long-term lender Benefits: • Better road transportation • Journey time saving • Improved road safety NIGERIA: PPP candidates: • ADF Public & ADB Private Sector: • Cable-Propelled Transport Project Lagos (ADB)   5  
  • 6. Nigeria Urban Transport Project (ADF/ADB/CTF) • The Lekki Toll Road Project is the first transport PPP in Nigeria • Cost: USD 430 mn • ADB loan: NGN 7.45 bn • ADB Roles: • Local currency lender • Long-term lender • Benefits: • Better road transportation • Journey time saving • Improved road safety NIGERIA: Funding Requests Ekiti State Nigeria Rural Access & Renewable Energy Project Focus technologies: • Solar PV, in particular for water supply (“motorized boreholes”) and low-cost solar PV lighting (lanterns – see “Lighting Africa” initiative) • Hydro power, but tied to the availability of pre-feasibility studies • “Exotics” for exceptional conditions (wind, biofuels, biogas) NIGERIA: Funding Requests Ekiti State Nigeria Rural Access & Renewable Energy Project http://www.lightingafrica.org/ Lighting Africa Standardized Specification Sheets (SSS) are based on comprehensive LA-QTM results. They include the most relevant product performance metrics in an aggregate, easy to read format and are valid for up to two years. Verification testing is based on random sampling in the market to ensure continued quality and performance. All of the products with a SSS have met minimum quality standards, which includes basic truth in advertising and durability requirements.   6  
  • 7. NIGERIA: Funding Requests Ekiti State Capacity Building for Public Private Partnerships in Infrastructure (CB4PPPi) • Approved in 2011 • National Assemblies’ approval is outstanding • Loan signature is pending • 8-10 candidate States can request for support (if enabling PPP environment exists) • States to submit official funding requests to ICRC (implementation agency) NIGERIA: Funding Requests Ekiti State Capacity Building for Public Private Partnerships in Infrastructure (CB4PPPi) – cont. • Pre-feasibility studies • Support to State PPP units • Training • Capacity Building • Transaction advisory services • Sectors: Energy/power & transport NIGERIA: Funding Requests Ekiti State Ero Dam Water Supply & Sanitation Scheme – Feasibility Study & Detailed Design • State Govt to submit request for study to IERD FMF (incl. TOR & detailed budget) • FMF to vet & submit request to AfDB • Key Engagement: cost recovering tariffs • Possible funding sources: • PPF (Project Preparation Facility – ADF) • AWF (African Water Facility) In summary... • There are huge opportunities for profitable PPP investment in Nigeria.   7  
  • 8. Although the investment climate is improving, it is still quite challenging. • The AfDB knows Africa like no other institution. • The African Development Bank is partners that can help investors/project developers achieve business success. Principal contact Ousmane Dore, Ph.D Resident Representative AfDB. Nigeria Field Office. 8, Lake Chad Crescent, Maitama – Abuja. Nigeria E-mail: o.dore@afdb.org; Cell: +234 (0) 702 599 1239     8