A Lender’s Perspective on Delivering Sustainable Infrastructure Charles Gooderham, Sustainability Affairs, Credit Suisse 27 November 2015
The Project Total line: 730km Awash-Kombolcha- Weldia-Mekele-Shire Connecting northern Ethiopia to Addis Adaba - Djibouti railway line The Project: financing of 400km Awash – Kombolcha – Weldia section Images courtesy of Yapi Merkezi Nov 2015 1
The Financing and Key Parties $865m commercial and ECA backed financing package Credit Suisse: Lead Arranger and Lead Agent Sponsor: Ethiopian Railways Project Corporation Woreda Affecte (ERC) s d Design Review Contractor: Parties Consultant Yapi Merkesi 2015 African Banker Awards Facility Lead Deal of the Year – Debt: $865m Independent Commercial and ECA Backed Financing Agent: Package for the ERC E&S Consultant Short-listed for 2015 FT/IFC Credit Suisse Transformational Business Awards – Achievement in Transformational Finance 2014 EMEA Finance: Project Finance Awards Best transport infrastructure deal in ECA Facilities EMEA: ERC's rail infrastructure upgrade Commercial Agents and 2014 Trade & Export Finance: The Facility Lenders Perfect 10 Deals of the Year ECAs Best African ECA Finance Deal of the Year: ERC Nov 2015 2
Sustainability Expectations Key Reference Points Defining & Realising Environmental & Ethiopian legislation Social (E&S) Lenders’ / ECAs’ Impact safeguarding policies Assessment Independe Equator Principles / nt gap Facility E&S Management international standards analysis Agreement Plan − IFC Performance Standards on E&S Sustainability Detailed plans, − WBG Environment, Health & systems, Independe nt review & processes: Safety (EHS) Guidelines • Resettlement Action ongoing − OECD Common Approaches Plan monitoring • EHS Management − ADB Operational Safeguards System Etc . • Nov 2015 3
Sustainable Outcomes The Big Picture: Catalyse economic growth Promote social mobility Contribute to a low carbon transport network The Important Detail: Images courtesy of Yapi Merkezi Managed resettlement and livelihood restoration Welfare and safety of workers and communities Stakeholder consultation / engagement and grievance mechanism Preservation of cultural heritage sites Biodiversity protection – e.g. Awash National Park Resource efficiency, including water resource management Nov 2015 4
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