EOI – Côte d’Ivoire - Consultant to support OPSD.3’s activities in the area of Air transport finance – 03 2015
| Published March 11, 2015
REQUEST FOR EXPRESSIONS OF INTEREST
AFRICAN DEVELOPMENT BANK
Avenue Jean Paul II Immeuble CCIA, Abidjan Plateau
01 BP 1387 – Abidjan 01 COTE D’IVOIRE
The African Development Bank, established by agreement among its member countries
and having its headquarters in Abidjan, Republic of the Cote d'Ivoire (AfDB or the Bank)
is an international finance organization set up to spur sustainable economic development
and social progress in its regional member countries.
The Private Sector Operations Department (OPSD) of the African Development Bank has
primary responsibility for the Bank’s non-sovereign operations which include: lending,
equity participation, guarantees, lines of credit to private financial intermediaries,
syndications, underwriting and technical assistance related to private sector development
in the 53 African countries (Regional Member Countries - RMCs);
OPSD aims at assisting African governments improve the enabling environment for the
development of the private sector including the development of essential physical
infrastructure and supporting efficient and predictable legal, institutional, and regulatory
frameworks. OPSD is also engaged in developing new initiatives and programs in key
strategic areas with a view to strengthen the Bank’s competitiveness and create new
business opportunities to ensure a sustainable growth of its lending portfolio;
The Infrastructure Finance and Public Private Partnerships (PPP) division (OPSD.3) is
dedicated to the origination, structuring, and execution of infrastructure projects in the
power, Transport, ICT and Water Supply & Sanitation sectors.
In addition to project finance, the division also provides direct support to corporate
entities and projects through equity investments, as well as through specialized
intermediaries such as private equity and venture capital funds. It also seeks to broaden
financing options, support business and finance skills through training and foster PPP
initiatives for basic services in fulfilling its mandate, OPSD.3 plays a triple role of
financier, advisor and partner.
In light of the above, the AfDB’s Private Sector Operations Department (OPSD) is
requesting the services of a Consultant to support OPSD.3’s activities in the area of
Air transport finance.
2. OBJECTIVES OF THE ASSIGNMENT
Strengthen the Bank’s internal capacity to evaluate private and PPP project proposals;
In addition, the Consultant will be required to work with a wider multi-disciplinary Team
in the internal review and processing of opportunities;
3. SCOPE OF THE ASSIGNMENT
The Consultant shall be required to follow up the development and implementation of the
already identified projects. To perform these tasks, the Consultant will work in tandem
with Investment Officers in the due diligence phase.
The Consultant will be requested to carry out due diligence of the infrastructure projects
that should include, but not limited to the following tasks:
Participate in the planning and execution of promotion and project identification
missions in selected RMCs in the various sectors in which the Bank is active.
Participate in the preliminary evaluation of project proposals to assess their eligibility
for financial assistance and/or technical support by the Bank, in line with the Bank’s
Participate in the structuring, negotiation and closings of new transactions
Participate in the planning and execution of appraisal and fact-finding missions.
Assist in the preparation of project appraisal reports for presentation to the
Department, the various review committees and finally to the Board of Directors.
Participate in the due diligence as well as drafting and negotiation of financial
The following procedures will apply to the functioning of the Consultant’s tasks:
The assignments will be provided by the Investment Officers on resumption. The
Consultants will be required to participate to a maximum of two projects concurrently.
The Consultant will determine the quantum and nature of the resources needed to perform
the required tasks and will submit a proposal for approval by the Supervisor;
As required, the Consultant will travel with the investment officers / team to understand
and collect data for the proper technical analysis of the projects, in this context, the
Consultant is expected to cooperate effectively with the entire Project Appraisal Team;
The work of the Consultant shall be validated through a two-step independent review
process by the responsible Investment Officers. This independent review should be
carried out at inception to validate the appraisal approach and at completion to confirm
the reasonableness of the outcomes and the conclusions drawn from the analyses;
All concerns about the scheduling and quality of the work, or the performance of the
Consultant should be directed to the Supervisor;
The consultant is being specifically recruited to assist in enhancing the Infrastructure team
knowledge of Aircraft finance structures, consequently the following objectives are sought:
Analytical Services: Undertake in-depth asset analysis to ascertain the commercial
viability of the envisaged aircraft for the respective project, including , but not limited
o Asset reports – technical and performance
o Orders and deliveries
o Aircraft lessors’ Market Analysis in Africa (including overview/penetration and
o Manufacturer and Aircraft Lessors’ coverage
o Current market valuations
o Asset to lease valuation
o Future value forecasts
o Economic / operational benefits
Aviation market, Airline & Aircraft Leasing Industry Analysis: Review the global
aviation and aircraft leasing industry as well as the African aviation industry; and
provide forecasts on regional and global demand and supply, including discussion on
key leasing industry success factors (KSFs). Also conduct a detailed analysis of the
targeted airlines, including financial statement analysis to analyze the
creditworthiness of each airline, its strategy, safety and performance record against
Legal aspects related to the aviation industries in the targeted jurisdictions (together
with the appointed legal counsel and local legal counsel): Review the country
specific legal and regulatory frameworks underlying the proposed transaction. Assess
compliance, security requirements, repossession, as well as any tax implications.
Advisory Services: Advise AfDB on asset and lease management, including the
requirements and remarketing capabilities. Also advise and assist in structuring and
preparing the debt facility, including:
o Define lending criteria, including asset-, lessee- and country concentration limits
o General terms and conditions
o Flow-through provisions from the leases
o Modelling the facility profile for Best Case and Worst Case sensitivity analysis
o Repayment profile
o Advise on hedging strategy
o Assist in drafting Term Sheet
o Review of proposed lease agreements
Evaluation of lease economics
Evaluation of lease provisions
o Review of insurances (together with input from external insurance advisor)
Defining appropriate insurance provisions for the leases
Review of airline insurance policies
Ensuring compliance with lease provisions
Risk Analysis: Prepare a comprehensive risk matrix based on the findings of the
services as per clauses 4.1 – 4.5. The analysis should include recommendations on
appropriate mitigation measures.
Debt Structure Model: Review and provide modelling services on the Project
Financial Model as per clause 4.5.
Execution Services: Advise and assist throughout debt documentation process up to
and including the closing
o Review lease documentation for conformity with Debt Facility
o Cooperate with appointed legal counsel to assist in the negotiation of all relevant
4. PROFILE OF THE CONSULTANT
Minimum Educational level of Consultants: MBA or Masters in Finance. An
engineering qualification will be an added advantage.
At least 10 years combined prior experience in project and/or structured finance within a
corporate and/or investment bank, transaction advisory firm, development finance institution,
or well-known industry leader with a proven track record in the delivery of Aircraft finance
projects, including in developing or emerging countries.
5. REQUIRED SKILLS
Superior client relationship skills; capacity to deliver high quality work within tight
deadlines; excellent negotiation skills.
Previous Consultancy experience with investment banks, multilateral and bilateral
Cross cultural sensitivity, exposure to bilingual working environment (French and
Working language: Excellent English and preferably good French speaking and writing
Communications, organization, research and report writing skills;
Preparedness to travel, often on short notice;
Autonomy, drive and adaptability.
6. DURATION OF ASSIGNMENT:
The services of the Consultancy Firm will be required for 6- months renewable.
7. LOCATION OF ASSIGNMENT:
The Headquarters for the African Development bank is in Abidjan, as well as any RMC as
needed. Consultant will be based in Abidjan.
8. Expressions of interest must either be couriered or hand delivered to the address below
no later than March 27, 2015 at 15:00 Abidjan time. Submissions should quote “Air
transport finance Infrastructure and PPP”. Alternatively, an email with 1 attached file in PDF
format may be sent to A.NALIKKA@AFDB.ORG with copy to K. HASSANE@AFDB.ORG
and G.WILSON@AFDB.ORG by the same date and hour.
Attn: NALIKKA, ANGELA
African Development Bank
Avenue Jean Paul II Immeuble CCIA, Abidjan Plateau
01 BP 1387 – Abidjan 01 Cote d’Ivoire