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          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

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                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

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                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              $1 billion investment vehicle in Lebanon for infrastructure projects

              businessnews.com.lb

              May 30, 2017
              in Finance, Infrastructure
              0

              FFA Private Bank (FFA) is preparing to launch a structured investment vehicle (SIV) to channel investments to power generation and other infrastructure projects. The initial objective is to reach $1 billion of investments in the short-to-medium term, over two to three years, said Jean Riachi, the bank’s chairman.

              Solar, wind, and hydraulic power projects will be mostly targeted, as well as waste-to-energy projects and waste treatment projects. Most of the large projects will, in principle, be public private partnerships (PPPs), according to Iyad Boustany, Managing Director for Investment Banking at FFA.

              “This financing vehicle, called ‘Lebanon Infrastructure Fund’, is very advanced in terms of financial sophistication. It is the first of its kind in the country,” Boustany said.

              The financing could take different shapes whether debt or equity financing. It could include bonds, bank loans, and vendor financing. The funding could also be in the form of multilateral financing obtained from international organizations such as the IFC, German state-owned development bank KfW, and French development finance institution, Proparco.

              Investment will mainly come from abroad, according to Riachi.

              “We tell investors that they can be senior debt holders, junior mezzanine debt holders, or equity holders. Each option has its own risk and return aspects. We tailor these risks and returns to each investor’s preferences,” he said.

              The ‘Lebanon Infrastructure Fund’ will own the assets of the projects. These will include physical ones such as land, buildings, power plants, wind turbines, and solar panels, as well as contracts.

              Operators will manage the business against fees and a share in profits.

              Financing the capital expenditure (CAPEX) of the projects will give operators the opportunity to expand their operations without the need to raise capital, Riachi said.

              The work will be a gradual project-by-project process. Each one will be separated from other projects in terms of assets and liabilities, although FFA will be using one single vehicle. They will also be segregated in terms of investors and risks.

              The fund is governed by law number 705, which was issued in 2005.

              “The law has so far been applied to securitization of receivables only, but it is a multipurpose law that could be used for many additional financing tools such as asset financing, and sale and leaseback,” Boustany said.

              He said that corporate governance is crucial for international financial organizations and that it is intrinsic to the fund because this investment vehicle is governed by law 705.

              “The strength of this fund lies in its capacity to link investors to the projects in a transparent way. The presence of FFA, and of the Central Bank (BDL), and the CMA as regulatory authorities, as well as abidance by corporate governance, gives confidence to investors,” he said.

              FFA is in the process of writing the documentation of the fund and expects to get the approval of the Capital Markets Authority (CMA) within two months. Riachi said they are in talks with all the parties that will be involved in the fund including investors, operators, and the BDL.

              Boustany said that their talks with BDL pertain to the subsidized loans that are granted to energy projects.

              Industrialist Neemat Frem will hold the position of Chairman of the fund’s supervisory board.

              “Frem will join the fund not in his capacity as an industrialist, but as someone who wants to help in the concept of an initiative that he considers of national importance,” Riachi said.

              He said that they are looking forward in the longer term, to finance projects in the gas and oil sector.

              “We might lobby in the future to advance these projects which could be implemented at no cost to the Government,” Riachi said.

              These projects, once oil and gas are explored, will be much bigger than current energy projects.

              He said they will seek to fund especially gas pipeline projects and gas-fired power plants. Building pipelines, terminals, and storage facilities for natural gas are needed whether or not the country will be exporting or importing natural gas, he said
              businessnews.com.lb
              30 May

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