IFC and PROPARCO in $35 Million Veolia Water Investment
December 27, 2007
Cleary Gottlieb advised International Finance Corporation and PROPARCO in their joint $35 million investment in preferred shares issued by Veolia Water Africa, Middle East and India. The shares acquired by IFC and PROPARCO represent approximately 20% of Veolia Water AMI’s share capital. The transaction closed on December 27, 2007.
IFC, the private sector arm of the World Bank Group, is the largest multilateral provider of financial services for private enterprise in developing countries. IFC provides loans, equity, structured finance and risk management products, and advisory services to build the private sector in developing countries.
PROPARCO is the private sector arm of the Agence Française de Développement, the French international development agency, and an active provider of capital to the private sector in developing countries.
Veolia Water AMI is a subsidiary of Veolia Eau – Compagnie Générale des Eaux, the water division of Veolia Environnement, the world leader in waste and wastewater services. The company operates water, wastewater and electricity services in Africa, the Middle East and the Indian subcontinent.
The purpose of the transaction is to support infrastructure development in these developing regions.