Watson Farley & Williams (“WFW”) advised Banco Santander S.A. (“Santander”) and Africa Finance Corporation (“AFC”) on an export financing backing a €100m export contract granted to the Ministry of Economy and Finance of Togo for the supply of Italian tractors, ploughs, seeders and other agricultural machinery to the country.
The financing, backed up to €78.3m by Italian export credit agency SACE, is aligned with the Mattei Plan for Africa objectives, promoting the integration of Italian companies into local value chains whilst contributing to the geographic diversification of Italian exports. The transaction also highlights the strong growth potential for ‘Made in Italy’ technology in emerging international markets.
Santander is a leading Spanish multinational financial services group and one of the largest banking institutions in the world with a deep-rooted commitment to promoting sustainable finance embedded in both its strategy and culture.
Established in 2007, Africa Finance Corporation is a pan-African multilateral development financial institution providing pragmatic solutions to the continent’s infrastructure deficit.
The cross-border WFW Asset & Structured Finance team that advised the lenders was led by London Partner Paul Simpson and Milan Partner Mario D’Ovidio, working closely with Rome Partner Furio Samela. They were supported by London Senior Associate Esteira Hiwaizi, Milan Associate Giulia Chiarvesio and London Trainees Zuzanna Potocka and Sam Gunnewicht.
