Global law firm Ashurst has provided legal counsel to the sponsors, FB Group and Summa, on the development and financing of the Freetown Airport Public-Private Partnership (PPP) project in Sierra Leone. This initiative marks a significant milestone as the first of its kind in the country, securing a financing package amounting to US$125 million from the U.S. International Development Finance Corporation (DFC).
The Ashurst team, led by partner Matthew Wood, included senior consultant Simon Moore, senior associates Sam Naylor and Femi Omosuyi, as well as associates Guy Seymour and Charles Guo. Additionally, partner Michael Neary and counsel Matthew Haist contributed their expertise on aspects of New York law related to the project.
Significance of the Project
In a statement, lead partner Matthew Wood expressed pride in advising on this transformative infrastructure project for the African market. “It has been a brilliant effort from our clients and the Ashurst team, who were able to lean on their extensive project finance experience to navigate this innovative project,” he noted.
The collaboration extended beyond Ashurst, as the team worked closely with Turkish counsel Ergun and Lambert & Partners, the local legal advisors in Sierra Leone. This partnership underscores the project’s complexity and the importance of cross-border legal expertise in successfully bringing such initiatives to fruition.
The development of the Freetown Airport is set to enhance connectivity and support economic growth in Sierra Leone, a country that has been striving to improve its infrastructure following years of challenges. The project is expected to create jobs and stimulate local business activity, contributing to the overall development of the region.
As Sierra Leone continues to advance its infrastructure capabilities, the successful financing and execution of the Freetown Airport PPP project could serve as a model for future investments in the country and the broader West African region. The involvement of reputable firms like Ashurst, FB Group, and Summa demonstrates the potential for international collaboration in fostering sustainable development in emerging markets.
In conclusion, the Freetown Airport PPP project represents a significant step forward in Sierra Leone’s efforts to modernize its infrastructure and attract further investment. With the support of experienced legal teams and substantial financial backing, the project’s successful implementation will likely have lasting impacts on the region’s economic landscape.
