Signed in early August, the transaction is backed by Swedish export credit agency EKN, with reinsurance by the Netherlands’ Atradius, carrying a tenor of 16 years, according to people familiar with the deal. Baran International, a subsidiary of Israel-based contractor Baran Group, is the main engineering and construction firm, as well as the exporter.

The borrower is Côte d’Ivoire’s Ministry of Finance, while the buyer is the country’s Ministry of Hydraulics, via its water utility, Office National de l’Eau Potable.

The project is part of the government’s ‘Water For All’ initiative, a multi-year plan to improve water supply in rural areas – particularly in villages where residents must walk several kilometres to reach a well.

The effort to bring water to such communities is “a fantastic project” and the first such transaction in Côte d’Ivoire, says Per Edlundh, director, export and project finance at SEK.

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