Project Finance


Project Finance is a critical component of Project Development making up a significant part of MMC Asafo’s Law practice. A significant portion of our portfolio includes acting for lenders who are funding long-term infrastructure, hospitality projects, industrial projects and public services. Our lawyers have broad experience in structured financing arrangements whether involving bilateral or multi-lateral lending arrangements or multi-source financings.

Our deliverable in this respect is to conduct comprehensive due diligence on the borrowing entity, title to property, contracts, consents, licences and permits required for such projects and insurances. This is then followed by the perfection of securities over the project’s assets. Our clients include commercial banks and other financial institutions, sponsors, contractors, state-owned entities, developers and government agencies.

Currently acting for Equity Bank (Kenya) Limited in financing approximately USD3.7M to a Nairobi-based investment and development company with Chinese links, for the acquisition of 2.25 acres of prime real estate intended for the construction of five 14-floor blocks in a gated community.

  • Advised Industrial and Commercial Development Corporation (ICDC), a government parastatal, whose primary objective is to facilitate the investment by Kenyans in the economy of the country, on a KES 276.7M facility to a local fruit pulp manufacturing company to fund the purchase of new machinery for the manufacture of puree and concentrates from local fruits.
  • Advised HFC Limited, one of the leading mortgage companies in Kenya concerning the structuring of project finance for a developer in Nyali, Mombasa to the tune of KES 282M.
  • Currently advising Credit Bank PLC for term loan facilities of KES32M to be advanced to a global supplier of smart meters and associated technologies with a leading position in the smart power distribution industry. The facility is to finance the purchase by the borrower of prime industrial property in Tatu City Industrial Park for the establishment of their plant
  • Advising Africa Finance Corporation (AFC), a pan-African multilateral financial institution focused on infrastructure investments in Africa, in connection with its $140 million investment in Gabon Special Economic Zone SA (GSEZ).
  • Advising the Euro Lenders in connection with the structuring and negotiation of a credit facility for the refinancing of the short-term debt of the electricity sector in Côte d’Ivoire.
  • Advising the CFA Lenders in connection with the structuring and negotiation of a credit facility for the refinancing of the short-term debt of the electricity sector in Côte d’Ivoire, in particular the debt of CI-Energie.
  • Advising BOAD in connection with the financing and then the refinancing by way of securitization of a new tower in Abidjan. (Tour F).
  • Acted for BCS Group, a Mauritius-headquartered wholesale telecom infrastructure provider (who owns 2,728 km of terrestrial fibre in Uganda and up to 50 Gbps capacity in The East African Marine System (TEAMS), in obtaining financing amounting to USD34M from multiple lenders who included debt funds and development financial institutions to fund its various projects in Kenya, Rwanda, Uganda, Burundi and Zambia.

Awards & Recognition

MMC Asafo