SETRAG is owned by Compagnie Minière de l’Ogooué (“COMILOG”) (51%), Meridiam (40%) – via the Meridiam Infrastructure Africa Fund II SLP (“MIAF”) and Meridiam Infrastructure Africa Parallel Fund II SLP (“MIAPF”) – and the Republic of Gabon (9%).

COMILOG, which is SETRAG’s largest freight customer, is owned 63.7% by Eramet, a global mining and metals company based in France, 28.9% by the Republic of Gabon and 7.4% by Carlo Tassara and other minority investors. Meridiam is a leading global infrastructure fund manager based in France.

Total cost of the Project is estimated at up to EUR 799m, of which (i) EUR 704m for the Phase III PRN, of which EUR 501m for SETRAG-funded works and EUR 203m for State-funded works, and (ii) up to EUR 95m for the refinancing of part of SETRAG’s outstanding debt.

IFC will arrange a debt financing package for SETRAG of up to EUR 320m, comprising: (i) a senior loan of up to EUR 120m from IFC’s own account (ii) a Parallel Loan of up to EUR 120m, (iii) a senior loan of up to US$100 million in euro equivalent from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program (MCPP). In addition, IFC will provide one or more interest rate swaps covering 50% of the whole senior debt amount, for an expected positive exposure (EPE) of up to $4m.

The Project is located in Gabon. It spans 648 km from the port of Owendo, 10 km south of the capital city, Libreville, to Franceville in the province of Haut-Ogooué. Aside from the first few kilometers in the outskirts of Libreville, it runs though sparsely populated rural areas.