Global law firm Ashurst advised on a €149 million facility from Deutsche Bank supported by the Islamic Corporation for the Insurance of Investment and Export Credit, the insurance arm of the Islamic Development Bank, to provide 7-year credit-enhanced Islamic financing for the development and construction of two new hospitals in the Republic of Côte d'Ivoire.
The project comprises the design, construction and equipping of two new general and regional hospitals to be located in Kong and Odienné. The project, part of the National Health Development Plan, aims to renovate the country's health infrastructure and provide quality healthcare services to its 31 million population. In Africa, 84% of the population relies on public healthcare. However, the system faces challenges such as a shortage of doctors, insufficient infrastructure, and a rising burden of both communicable and noncommunicable diseases.
Myriam Ouazzani, Managing Director, Sub-Sahara Africa Coverage at Deutsche Bank, said: "Our partnership with ICIEC for the financing of impactful infrastructures in Africa is key to promoting social development across the continent to significantly benefit local populations."
Partner Tom Longmuir said: "We are pleased to have been able to deploy a multi-jurisdictional team across seven offices of our global network to help Deutsche Bank deliver this critical health infrastructure financing. The project will help to improve access to quality healthcare for the people of Côte d'Ivoire and strengthen the country's ability to deliver essential medical services."
Ashurst's multi-jurisdictional team was led by Paris partner Tom Longmuir and comprised Abu Dhabi partner Natasha Kavanagh and Riyadh partner Bilal Rana on Islamic financing aspects, London partner Kerion Ball on matters of EU regulation and Sydney partner Rehana Box on insurance matters. Senior associates Ffion Cooksammy, Samia Khennous and Ramesh Pani were part of the Ashurst team acting for Deutsche Bank, together with associates Rohan Last, Santina Aboue, Omar Alaqib, Katherine Borg, Sam Bold and Bryony Singleton.
