Africa Directed through our Paris office, 2022 saw Hughes Hubbard continuing our work aiding business and development across francophone Africa.
Malian Cotton Provider’s Euro Loan
HHR guided a group of 11 banks in negotiation and documentation of a €244 million commodity financing facility for Compagnie Malienne pour le Développement des Textiles, the Malian state-controlled company that produces and exports Mali’s cotton.
Port Autonome de Conakry Renegotiates Port Concession Agreement with Bolloré Group
HHR advised Port Autonome de Conakry, Guinea’s largest port, in auditing and renegotiating the terms of a port concession agreement with Conakry Terminal, Bolloré Group’s Guinean subsidiary.
Côte d’Ivoire’s Powership Project
The firm advised the Republic of Côte d'Ivoire, or Ivory Coast, on the structuring and negotiation of a project to establish a 400 megawatt floating power plant near Azito.
Togolese Republic’s ICSID Arbitration
Hughes Hubbard & Reed is representing the Togolese Republic in an ICSID (International Centre for Settlement of Investment Disputes) Arbitration against private logistics company Togo Terminal-Bolloré. This arbitration is based on an arbitration agreement contained in a port concession agreement between the African State and Terminal-Bolloré. The parties agreed to an arbitration under the ICSID Arbitration Rules.
The conflict arose out of the alleged violation by the State of a “right of first refusal” clause contained in the concession agreement. The clause provides that the logistics company may enter in any new concession project envisioned by the State, before the State is entitled to grant the new project to a third party.
The logistics company initiated the arbitration proceedings arguing that the State granted a similar concession to another private actor, in violation of its right of first refusal under the concession agreement.