Squire Patton Boggs has advised InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), on its Shareholders’ Agreement with Globology Ltd, to support the expansion of the company’s Waterbus passenger transport operations on Lake Victoria.
Waterbus is the first passenger-focused service to deliver scheduled ferry routes on the Lake, currently operating two 132-seater and one 80-seater safe, modern catamaran vessels for passengers and light cargo on two Kenyan routes. The company currently has one further ferry under construction. InfraCo Africa’s investment will support the construction of five new fifth-generation ferries over the next 24-36 months and will enable the company to finance upgrades to its existing boatyard located in Kisumu, Kenya. The new vessels will operate on additional routes in Kenya and on new routes in Tanzania and Uganda.
The Squire Patton Boggs Africa Practice team advising InfraCo Africa was led by Corporate partner Julian Thatcher with associate Edidem Basiekanem.
Julian Thatcher commented, “I am proud to support the impact offering of InfraCo Africa - a key investor in the African infra’ market. Investments like this enable projects and businesses to unlock their potential and create positive impact for so many people in a developing market. This transaction highlights the deep Africa focus and experience of Squire Patton Boggs across multiple sectors”.
InfraCo Africa seeks to alleviate poverty by mobilising private sector expertise and finance to develop high quality infrastructure projects in sub-Saharan Africa. The PIDG is an innovative infrastructure development and finance organisation delivering pioneering infrastructure in the poorest and most fragile countries in sub-Saharan Africa and south and south-east Asia to help economies grow and change people’s lives. Since 2002, PIDG has supported 183 infrastructure projects to financial close, which are expected to provide an estimated 243 million people with access to new or improved infrastructure. PIDG is funded by six governments (the UK, Netherlands, Switzerland, Australia, Sweden, Germany) and the IFC.