INTRODUCTION

Welcome to the February edition of Focus, our first edition of 2011. The 6th of February marked the fifth anniversary of Trinity’s incorporation and I’m glad to say that we had two reasons to celebrate this February.

Our first cause to celebrate is that Trinity have just been appointed to Citibank’s Africa corporate finance panel. This is an appointment that we are very excited about and which, we believe, demonstrates that Trinity has, over the last five years, built a brand for its African finance work.

This month also marked the closing of a US$120million sub-Saharan telecoms financing in respect of which Trinity acted for the lender group, including Citibank, Standard Chartered, Absa Capital, Barclays and Stanbic.

With the snow and cold in the UK this January, we have been enjoying the fact that our current transactions have involved regular trips to much warmer African climates. With active deals in Tanzania, Ghana, Mauritius, Madagascar, South Africa, Zambia, Djibouti, Kenya, Nigeria and Uganda, it would suggest that 2011 is going to be a busy and successful year.

We are in the final stages of a recruitment process that will see the team grow in the coming months so we look forward to being able to make a formal announcement of that expansion in the coming weeks.

In this edition of Focus, we set out in our Legalese section an overview of the Equator Principles, which are lenders’ voluntary standards for assessing and managing social and environmental risk in project financing, including some detail on the review of the existing structure.

Our main article focuses on public private partnerships (PPPs) in Africa. We summarise a report formulated by the Collaborative Africa Budget Reform Initiative (the professional network of senior budget officials in African Ministries of Finance and/or Planning) on ensuring value for money in African infrastructure projects, particularly in the context of PPPs. In particular, we take a look at the existing alternatives to PPPs, their core principles and the practical constraints relating to their execution.

As usual, if you have any questions or comments on our articles or wish to speak with any member of the team, please do not hesitate to get in touch with your Trinity contact or through the Contact Us page on our website.