La Société de Gestion et d’lntermediation du Benin S.A (SGI BENIN) represented by CEO, SAKINATOU SIDI, signed and selected on December 19, 2019 by the Republic of Congo represented by Minister of Finances and Budget, Ingrid Olga Ghislaine EBOUKA-BABACKAS, for the repurchase of the internal debt of the Republic of Congo valued at €550,000,000 to refinance their existing debts.
The Republic of Congo has decided to settle its internal debt by the mechanism of issuing special negotiable debt certificates for the benefit of creditors. Aguiber Benin -SA / La Société de Gest ion et d’lntermediation du Benin S.A (SGI BENIN) has been retained to arrange the transaction.
La Société de Gestion et d’lntermediation du Benin S.A (SGI BENIN) expresses commitment to working diligently and wishing the project to be carried out and financed by IIB Development Group, LLC and signed a contract on February 07, 2020 with IIB-DG.
IIB-DG agrees to buy from the Republic of Congo which accepts it, the securities issued within the framework of the partial clearance of its domestic unpaid projects claims for an amount of five hundred and fifty million Euros (€550,000,000).
Guarantee: The securities repurchase transaction will be covered by a guarantee from the State of Congo, confirmed by the Bank-Agent via swift MT-999 in favor of Dawn Holding Company LLC for a value of EUR 550,000,000 for validity fourteen (14) semesters from the date of signature.
The State of Congo will give an irrevocable Instruction to the Central Bank for the transfer of funds to the Bank Agent (BCH) for the payment of maturities on due date.
About IIB-DG Africa
IIB Development is a consortium of US-based companies specializing in financing and infrastructure development. IIB Development Group brings together experts in synergistic industries to develop turnkey innovative solutions in infrastructure and development – housing, roads, water and wastewater, energy, railways as well as financing of all these projects
IIB Development Group is a centre of excellence for financing and infrastructure development at affordable levels using environmentally sustainable approaches, which meet the growing needs of developing countries. IIB-DG offers state-of-the-art, innovative, and affordable technology and work with the governments and local partners, including, where possible, setting up manufacturing plants locally to produce building units for residential and commercial structures.
About La Société de Gestion et d’lntermediation du Benin S.A (SGI BENIN
The Beninese brokerage firm, known as the intermediation management company (SGI – Benin), is responsible for structuring the present securitization transaction and mobilizing investors with the Designated Agent Banks.
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IIB Development Group