Watson Farley & Williams (“WFW”) advised Deutsche Bank S.p.A., SACE and SIMEST regarding the project €53m financing for a new, upgraded market in Sekondi-Takoradi, the local capital and most populous city of Ghana’s Western Region.
€37m of €53m loan is guaranteed by Italian Export Credit Agency SACE, with SIMEST supporting the stabilisation of interest rates.
The Sekondi-Takoradi market is the largest commercial facility in Ghana’s Western Region, with a central role in regional economic development. The new facility will include over 2,400 stores, restaurants and food courts, bulk-breaking areas, waste-separation docks, administrative offices and public facilities, including police and fire stations, a post office and medical clinic. Construction has been assigned to Contracta Costruzioni Italia, the Italian subsidiary of leading Brazilian construction group Contracta Engenharia, with 25 Italian SMEs involved in the project supply chain.
The cross-border, multidisciplinary WFW team that advised Deutsche Bank, SACE and SIMEST was led by Milan Banking & Finance Partner Mario D’Ovidio and Frankfurt Project & Structured Finance Partner Florian Kutzbach, assisted by Associates Kathy Buenaventura and Amelia Garavaglia, and Trainee Daniele Sani.
ENSafrica Ghana acted as local Ghanaian counsel to the syndicate.