In February, the first disbursements under the Azito project financing were made. The Azito deal – a 300 MW, $223 million power project in Côte d’Ivoire – is significant for two reasons: it is the largest project financing in west Africa since the debt-restructuring crisis of the 1980s and it was concluded under the OHADA uniform laws. These create a transnational uniform legal system across 16 countries in francophone Africa. Between them they establish new company, bankruptcy and securities-law provisions designed to make the region more attractive for project financings and other inward investment, without radically altering the basic French-law civil-code system in operation.
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