trending Market Intelligence /marketintelligence/en/news-insights/trending/_yyd0hx98r8a7xnffge7mg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

IFC's proposed US$2.7B refinancing to ease pressure on Vale, Moatize coal mine

Medical IoT Technology in US Hospitals Helps to Reduce Costs and Improve Care

Internet Traffic Spikes By One Third In March

How 37 Years of Default Data Can Prepare Us for the COVID-19 Fallout

US Pushes Pedal To The Metal On Broadband Speeds Ahead Of COVID-19 Outbreak


IFC's proposed US$2.7B refinancing to ease pressure on Vale, Moatize coal mine

The International Finance Corp., the private lending arm of the World Bank, is looking to complete a US$2.7 billion debt refinancing for the Nacala Corridor railway project in Mozambique in the first quarter of 2017, Reuters reported Oct. 7, citing the International Finance Corp.'s principal investment officer for infrastructure and natural resources, Marcel Bruhwiler.

The funding arrangement will help ease balance sheet pressure on Vale SA, which is developing infrastructure for the Moatize coal mine in the African country.

In September, Vale agreed to new terms related to the sale of its coal assets in Mozambique to Mitsui & Co. Ltd., the closing of which is tied to successful completion of project financing.

Vale expects to receive US$768 million upon completion of the Moatize deal as well as related transactions, and up to US$2.7 billion upon closing project financing for the rail infrastructure.

The International Finance Corp. will contribute up to US$200 million for the refinancing deal, Bruhwiler said on the sidelines of a conference in Cape Town, South Africa.

However, the refinancing deal may face delays due to corruption scandals in the country, as well as security issues along the 912-kilometer rail line that links the Moatize mine to the Nacala port.

"Right now there are still many risks which could derail such a big undertaking, not the least it's the macro-economic and security situations," Bruhwiler commented.

According to the report, the International Monetary Fund called for an external probe into Mozambique's public debt in a bid to recover investor confidence after a scandal involving over US$2 billion in secret loans pushed the fund to halt budgetary assistance to the country.