Innovo’s Project Strada Wins Deal of the Year at African Banker Awards


Award

04-06-2024

Project Strada has won the Deal of the Year – Debt, at the prestigious African Banker Awards. The award was presented to the Project Strada team at a ceremony held in conjunction with the African Development Bank’s annual meeting in Nairobi on 28 May 2024.

The award was presented in recognition of Project Strada’s unique contracting and financing structure which brings together a multitude of country-wide road improvement projects under a single contract and loan agreement.

The EUR 774 million funding for Project Strada, arranged by MUFG Bank and supported by UK Export Finance (UKEF), has been structured to support Senegal's Fonds d'Entretien Routier Autonome (FERA), the nation’s autonomous road maintenance fund, in the delivery of a nation-wide road improvements. As part of this, Project Strada brings together more than 70 national road construction projects under a single financing package.

Project Strada is the result of a solid and unique partnership between Innovo, UKEF and MUFG. The complex financial and commercial structuring of the program, a first in Senegal, was proposed and managed by Innovo Projects, the international structured financing and project management arm of Innovo Group.

Through an innovative and bespoke EPC+F contract, signed with Ageroute Sénégal, the national roads agency, Innovo Projects will act as the Management Contractor to deliver the project in collaboration with locally based subcontractors. This program, with its strong economic and social benefits, represents more than 2,700km of new roads throughout Senegal and will improve mobility and access for underserved communities across the country, creating more than 50,000 jobs.

Paul Woodman, CEO, Innovo Projects, “This award is a milestone for Project Strada and for Innovo. We are honored to have played a pivotal role in structuring this deal that will have such a positive impact for so many, across Senegal. The bespoke contracting structure of this deal brings together a multitude of road improvement projects under a single contract and loan agreement, and would not have been possible without the collaboration, flexibility and professionalism of all the parties involved, including Innovo, FERA, Ageroute, UKEF and MUFG. We look forward to working with our partners to deliver this important and beneficial project for the country.”