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November 2014
AFRICA SPEED RAIL LIMITED
Pre-Feasability
ProjectInformation
Memorandum
Ararebutwonderful
opportunityforAfricansto
developAfricainaworld-
class,accountableand
responsiblemannerwhere
theconvergen...
Indexof
Contents
DEFINITIONS & ABBREVIATIONS 							4
1. 	IMPORTANT NOTICES							5
1.1	Confidentiality
1.2	Disclaimer
1.3...
Indexof
Contents
5.	 PROJECT FINANCE & CORPORATE 	STRUCTURES 				 47	
5.1 	 Overview
5.2 	 Corporate and Project Structure...
Definitions
andAbbreviations
AfDB		 African Development Bank
Aggelos		 Aggelos Capital Limited
ASEAN		 Association of Sout...
1.ImportantNotices
ThisInformationMemorandumcontainsimportantinformationandrequiresyourcarefulattention.
It should be read...
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West Coast HSR Project - Project Information Memorandum- first pages

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West Coast HSR Project - Project Information Memorandum- first pages

  1. 1. November 2014 AFRICA SPEED RAIL LIMITED Pre-Feasability ProjectInformation Memorandum
  2. 2. Ararebutwonderful opportunityforAfricansto developAfricainaworld- class,accountableand responsiblemannerwhere theconvergenceofpublic demand, socialresponsible investment,logisticsand theenvironmentmeetona sustainableplatform Kurt van Duyn Co-CEO: Africa Speed Rail Limited CEO: Aggelos Capital Limited Weareindeedvery excitedaboutthis wonderfulopportunity tobringnewinnovation toAfrica, tomeetthe people’sdemandsfor passengerandfreight transportservicesandto bringworldclasstrans- portsystemstothe Africancontinent Dr Golda Chimere-Dan Co-CEO: Africa Speed Rail Limited CEO: Makachi Infrastructure Projects Limited
  3. 3. Indexof Contents DEFINITIONS & ABBREVIATIONS 4 1. IMPORTANT NOTICES 5 1.1 Confidentiality 1.2 Disclaimer 1.3 Pre-Feasibility Memorandum 1.4 Forward Looking Statements 1.5 Disclosure Notice 1.6 Investment Opportunities 1.7 Risk Factors 1.8 Contact Details 2. EXECUTIVE SUMMARY 9 2.1 Introduction and Project Description 2.2 Critical Public Private Partnership for Infrastructure Development 2.3 Strategic Development Impact and Benefits of the Project 2.4 Strategic Alliances 2.5 Proposed Route and Stations 2.6 Modern Technology 2.7 Project Promoters 2.8 Executive Team and Directors 2.9 Project Timeline 2.10 Financing Structure and Feasibility Study Funding Requirement 3. BACKGROUND 13 3.1 Africa’s Macro-Economic Environment 3.2 The ECOWAS Region 3.3 Profile of Participating Countries 3.4 Abidjan Lagos Transport Corridor - ECOWAS Treaty 3.5 Additional Specific Enabling Factors 3.6 Mitigation of Regional Risks 3.7 ECOWAS’ Economic Development Initiatives 4. PROJECT DESCRIPTION 29 4.1 The Vision and Objective of the Project 4.2 High Speed Rail in the Global Context 4.3 High Speed Rail Technologies 4.4 Superconducting Magnetic Levitation for High Speed Rail 4.5 Power Requirements and Renewable Energy Generation 4.6 Design, Contracting and Construction Arrangements 4.7 Proposed Route across West Africa 4.8 Proposed Route Plan and Mapping 4.9 Passenger Ridership and Freight Movements 4.10 Project Partners & Development Team 2
  4. 4. Indexof Contents 5. PROJECT FINANCE & CORPORATE STRUCTURES 47 5.1 Overview 5.2 Corporate and Project Structure of the West Africa Rail Company Limited 5.3 Proposed Project Capital Structure 5.4 Traditional Capital and Revenue Model 5.5 Capital Structure of Funding 5.6 Financial Modelling 5.7 Current Shareholding Structures 5.8 Proposed Project Structure 5.9 Legal, Regulatory, Governance and Administration of Project SPV 6. FEASIBILITY STUDIES 55 6.1 Feasibility Study Overview 6.2 Project Appraisal Guidelines 6.3 Phasing of Feasibility Studies 7. LEGAL & REGULATION SYSTEM 59 7.1 Public Private Partnership with Project Countries 7.2 Public Private Partnerships in African Rail Sectors 7.3 Managing PPP risks 7.4 ECOWAS and Inter Governmental Abidjan/Lagos Transport Corridor Treaty 7.5 Letters of support for the project from Project Countries and ECOWAS 8. INVESTMENT CONSIDERATIONS 64 8.1 Critical Project Fundamentals 8.2 Africa’s extensive Demographics 8.3 Africa’s potential for HSR in untapped 8.4 In the Investment Arena, Risk is awarded 8.5 Africa Rising as an investment opportunity and destination 8.6 Extensive capital costs in HSR projects 8.7 Transport Infrastructure is a key to Competitive Growth 8.8 Complement to existing weak transport infrastructure 8.9 The Economic Objectives 8.10 Social Development 8.11 Green Environmental Objective 8.12 Benefits of High Speed Rail in West Africa 8.13 The Project will create thousands of jobs 8.14 The Project will bolster Regional Commerce and Economic Activity 9. CONCLUSION 71 10. REFERENCES 73 3
  5. 5. Definitions andAbbreviations AfDB African Development Bank Aggelos Aggelos Capital Limited ASEAN Association of Southeast Asian Nations ASRL Africa Speed Rail Limited BFS Bankable Feasibility Study BTU British Thermal Units Business Day means a day, other than a Saturday or Sunday, on which banks are open for general banking business in London CAPEX Capital Expenditure costs CER Certified Emission Reduction CO2 Carbon Dioxide CDM Clean Development Mechanism framework of the UN Company Means Africa Speed Rail Limited Dollar and $ Means the United States Dollar DFS Dakar Financing Summit DTA Double Taxation Avoidance EAC East African Community ECA Export Credit Agency ECCAS Economic Community of Central African States ECOBANK Ecobank Africa ECOWAS Economic Community of West African States EPC Engineering, Procurement and Construction EIA Environmental Impact Assessment EMP Enviromental Management Plan EMR Environmental Monitoring Report EOI Expression of Interest ETS Emissions Trading Scheme EU-ETS European Union Emissions Trading Scheme FATF Financial Action Task Force FDI Foreign Direct Investment FEBWWE Federation of Women and Women Entrepreneurs FEWAMA Federation of West African Manufacturers Association FID Final Investment Decision FSC Financial Services Commission of Mauritius GDP Gross Domestic Product GHG Greenhouse Gas GNI Gross National Income HGM High Growth Markets HIPC Heavily Indebted Poor Countries HSR High Speed Rail IEA International Energy Agency IMF International Monetary Fund IPCC International Panel on Climate Change KPMG KPMG Accounting and Audit Firm LDC Least Developed Countries MAGLEV Magnetic Levitation technology Makachi Makachi Infrastructure Projects (Pty) LTD MDG Millenium Development Goals mega project a project requiring more than US$ 1 billion in capital costs MIGA Multilateral Insurance Guarantee Agency MTN Medium Term Note NOx Nitrous Oxide OPEX Operating Expense costs O&M Operations & Management / Maintenance PDT Project Development Team PIDA Programme for Infrastructure Development in Africa PPA Power Purchase Agreement PPP Public Private Partnership PRSP Poverty Reduction Strategy Paper REC Regional Economic Community rolling stock Rail sets, motors, passenger units, moveable rail assets SADC Southern African Development Community SCMAGLEV Super Conducting Magnetic Levitation SME Small Medium Enterprises SPV Special Purpose Vehicle Stanbic Standard Bank Investment Corporation TRI Transrapid International UN United Nations UNDP United Nations Development Programme USD $ United States Dollar currency WB World Bank WAEMU West African Economic and Monetary Union WAMU West African Monetary Union WAPP West African Power Pool WARCL West Africa Rail Company Limited WEF World Economic Forum WCHSRP West Coast High Speed Rail Project 4
  6. 6. 1.ImportantNotices ThisInformationMemorandumcontainsimportantinformationandrequiresyourcarefulattention. It should be read in its entirety. If you are in doubt as to its contents please consult your professional advisers,i.e.stockbroker, accountant,solicitorimmediately.Pleasereadthissectioncarefullyfirst. 1.1 CONFIDENTIALITY The information contained in this concise Information Memorandum is being provid- ed on a confidential basis to the Recipient solely for the purposes of general informa- tion, for discussion purposes or potentially evaluating an investment in Africa Speed Rail Limited (the ‘‘Company’’) or its Projects (the ‘‘Project/s’’). By accepting a copy of this Information Memorandum the Recipient agrees, for itself and its related and/or associated bodies corporate and each of their management, officers, employees, agents, representatives and advisers, to maintain the confiden- tiality of this information. Any reproduction or distribution of this Information Mem- orandum, in whole or in part, or any disclosure of its contents, or use of any infor- mation contained in this Information Memorandum for any purpose other than to evaluate a potential investment in the Company or its Project/s, is strictly prohibited. Aspects of this Information Memorandum contain proprietary intellectual property including but not limited to Africa Speed Rail Limited and/or its agents and advis- ers, Aggelos Capital Limited and Makachi Infrastructure Projects (Pty) Limited and utilised for the purposes of examining and progressing the advancement of Africa Speed Rail Limited’s Projects. All aspects of these methodologies, including their ex- istence and application should be treated as commercial in confidence at all times and should not be disclosed to any parties under any circumstances. All sections of this Information Memorandum are considered confidential, including all supplemen- tary materials. 1.1 DISCLAIMER NO RECOMMENDATION - The provision of this concise Information Memorandum is not, and should not be, considered an offer for securities in the company, or as a rec- ommendation in relation to an investment in the Company or its Projects, or that an investment in the Company or its Projects is a suitable investment for the Recipient or any other party. Africa Speed Rail Limited, Aggelos Capital Limited and Makachi Infrastructure Proj- ects (Pty) Limited and/or the West Africa Rail Company Limited and its agents, de- velopment team, promoters or the like have each taken all reasonable care to ensure that the facts stated in this Memorandum are true and accurate in all material re- spects and that there are no material facts in respect of which omission would make any statement, fact or opinion in this Memorandum misleading. Delivery of this Memorandum shall not give rise to any implication that there has been no change in the facts set out in this Information Memorandum since the date hereof or that the information contained herein is correct as of any time subsequent to such date. This document is not intended to constitute a recommendation or provide advice of any sort to any prospective investor. Any references to tax laws or rates in this Infor- 5

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