Financing deal signed for groundbreaking Rwanda PPP
Published November 30th, 2017
UAE-headquartered project developer Metito has secured one of sub-Saharan Africa’s largest ever water PPP deals, two-and-a-half years after the project was awarded.
Metito signed the deal to develop the 40,000m3/d Kigali Bulk Water Supply Project with the Water and Sanitation Corporation of Rwanda (WASAC) in April 2015, the first surface-water treatment PPP to be signed in the region.
On Monday this week the company finally signed off on the financial package supporting the $60.8 million project. Metito secured a $40.6 million debt commitment from the African Development Bank and the Emerging Africa Infrastructure Fund. The remainder will be provided through equity from the company. With financial close secured, construction can now start in full on the project.
Rwanda’s water sector has seen much activity recently, with the start of tendering for a first-of-its-kind centralised sewerage system in Kigali imminent. However the sector was shocked by the arrest of longstanding WASAC head James Sano in September over corruption charges.