15 July, 2015 – As the Italian Prime Minister Matteo Renzi visits Kenya, Sace, Intesa Sanpaolo and BNP Paribas have announced the finalization of the financing program for the Itare dam project, worth a total of €306 million, and built by CMC-Ravenna on behalf of the Kenyan National Treasury. The funding, made available by Intesa Sanpaolo and BNP Paribas – who also played the role of Mandated Lead Arrangers – includes a fully guaranteed tranche by SACE of €270 million, and a commercial tranche of €36 million. Intesa Sanpaolo will also assume the role of SACE Agent for the operation. “In addition to the construction of the dam – reads a note – the project involves the construction of a water treatment plant and pipelines for the flow of the water in the surrounding areas (Nakuru Town, Molo, Njoro, Kuresoi and Rongai) . The project is one of the priorities of ‘Vision 2030’, the strategic agenda developed by the Kenyan government to direct public investment towards priority socio-economic objectives, such as the creation of an adequate network of transport infrastructure, energy and accessibility to safe drinking water.” This transaction confirms the decades of experience gained by CMC in major infrastructure projects in sub-Saharan Africa, where it now generates more than 30% of its turnover, and paves the way for the operations of the group in Kenya, a strategic market in East Africa. (Red)
