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7 April 2010
Standard Bank Group named the Best Project Finance House in Africa
Standard Bank Group (SBG) has been named Best Project Finance House in Africa by a leading emerging markets trade magazine Emeafinance
Emeafinance also recognised SBG for the following project finance deals in Africa:
1. Best Natural Resources Deal in EMEA: Kayelekera Uranium project
2. Best Project Finance Deal in Africa: Botswana Power Corporation
3. Best Oil and Gas Deal in Africa: Oando.
The Kayelekera Uranium Project, which is the development of the first Uranium mine in Malawi, was a project that required development funding of $300 million. Standard Bank jointly underwrote a 7-year Export Credit Insurance Corporation of South Africa Ltd (ECIC) facility of US$110 million and co-funded a Cost Overrun Facility of US$12 million.
The Botswana Power Corporation Station Morupule B was the first major transaction involving SBG and Industrial Commercial Bank of China since the Chinese bank took a 20% stake in SBG in February 2008.
This transaction demonstrates the benefits of the SBG and ICBC partnership to African companies looking for financing and to the local communities whose quality of life is enhanced through increased expenditure on essential power and infrastructure projects.
The Oando transaction was an acquisition financing of Oando's purchase of a portion of Shell's OML 125 and OML 134 offshore oil blocks in Nigeria. Oando is the number one corporate brand in Nigeria and a publicly listed company.
Jonathan Wood, Global Head of Project Finance at SBG, says: "To be named Best Project Finance House by Emeafinance is recognition of the innovative and high-quality approach of the Standard Bank team in facilitating and completing transactions not only in Africa but also throughout the emerging markets more broadly."
"To receive three additional awards for Kayelekera, Morupule B, and Oando, solidifies our reputation as being able to undertake, and successfully complete, important and complex transactions in our core market that meets the exacting needs of our client, and I am delighted with the recognition."
Emeafinance is an information source for the finance industry in the EMEA region and is one of the publishers of choice for financial and business professionals.
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