The African Development Bank (AfDB) has approved 98 million euros ($114 million) in loans to help fund Ivory Coast national airline Air Cote d‘Ivoire’s purchase of five new Airbus A320s.

The Financing includes: (i) a public tranche debt of € 51,2 million, (ii) a private tranche debt of USD 50 million from AfDB private sector alongside USD 111,5 million to be funded by commercial banks, (iii) a technical assistance from the African Development Funds (“FAD”), and (iv) an AfDB’s Partial Risk Guarantee of USD 20 million to cover the non-payment risk from ACI to the SPV (“PRG”).

 In order to implement the Financing, USD 111,5 million remain to be raised through private lenders. ACI is seeking the participation of commercial banks or financial institutions endowed with a strong and proven track record in aviation financing in order to structure and co-arrange with AFDB’s private sector part of the tranche devoted to commercial banks or financial institutions.