Azito

Abstract

The Azito power project in Cĉte d'Ivoire is the first major infrastructure project in West Africa to receive term finance from commercial banks. The project involves innovative guarantee structures for both institutional and financial performance. Azito involves a major restructuring of the power sector (including pre-existing concession structures) and significant coordination between the government, nongovernmental organizations (NGOs), project sponsors, and multilateral and commercial financial institutions. The social, economic, and financial issues involved have significant lessons for project finance in Africa.