“Let's stop criticizing our banks!”

More than ten years after the subprime mortgage crisis, all the light has not been shed, and yet the idea of ​​the guilt of the banks has taken hold firmly in people's minds. They are even blamed for the double fault, since after playing with fire and triggering the crisis, they allegedly asked for help from the States. This unanimous condemnation, the result of incomplete analyzes, is a heavy component of the bank bashing that has raged since then and unfortunately works against our interests. We are indeed at a critical moment when Europe, faced with the domination of American finance and the dollar, must develop its own financial capacities. The development of a strong pan-European financial sector is therefore essential if we particularly want to foster the emergence of future European gafas. 
If it is vain to hope for the complete disappearance of this bank bashing and, one might say, of the bashing market whose roots plunge both in history and in ignor…

Togo: Oragroup and BOAD announce the financial closing of the Kékéli Efficient Power thermal power plant project

The financing of around 60 billion CFA francs for the Kékéli Efficient Power thermal power plant in Togo was closed on July 10, 2020, announced the co-arrangers Oragroup and the West African Development Bank (BOAD).

Oragroup and BOAD announce the financial closing of the Kékéli Efficient Power thermal power plant project

Developed by the pan-African industrial group Eranove, the Kékéli Efficient Power thermal power plant will have an installed capacity of 65 MW and will operate in a combined cycle, making it possible to produce more electricity without additional gas consumption and by limiting CO2 emissions.

Orabank Togo, a subsidiary of the Orabank banking group, is also involved in the project as a surety agent, bank account holder and lender, with the West African Development Bank, within a banking pool also including Africa Finance Corporation (AFC), Banque Atlantique Togo, International Bank for Africa in Togo (BIA Togo) and NSIA Banque Bénin. ATTIJARIWAFA BANK Maroc is the loan agent for the financing while a liquidity extension guarantee has been granted to commercial banks by the GuarantCo fund, an institution providing guarantees in local currency for the financing of infrastructure in Africa.

The co-arrangers and the lenders were assisted in the framework of the project by the firm Naciri & Associés Allen & Overy and the firm Monnatt (respectively legal and local advice), Energy Consulting Group (technical advice), Marsh (insurance advice) ), Mazars (auditor of the financial model and development costs) and ERM (environmental and social advice).

Mr. Ferdinand NGON KEMOUM, CEO of Oragroup, declared: “The Orabank group is proud to have contributed to the structuring and financing of such a large-scale project which is part of the electrification strategy of the Togo, which aims for access for all to electricity by 2030. This pride is all the greater since this is the first time in the region that such financing has been provided by African financial institutions in a proportion as large in CFA Francs (70%) and with such an innovative guarantee mechanism. The Orabank group therefore intends to continue this leadership position in supporting and financing infrastructure projects in its countries of presence in Africa, in line with its strategic vision of being a player in the economic and social development of the Africa ”.

Mr. Christian ADOVELANDE, President of BOAD declared: “The role of arranger and lender played by BOAD within the framework of the Kékéli project is part of the continuity of the Bank's support to the energy sector of the West African Economic and Monetary Union (UEMOA), in perfect coherence with the actions carried out within the framework of the Regional Initiative for Sustainable Energy (IRED). In addition, BOAD confirms through this project its ability to federate local commercial banks around strategic infrastructure projects, particularly within the framework of public-private partnerships. "