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November 20, 2023

New Airport in Sierra Leone: a Milestone for Growth

In a significant step towards fostering growth and development in Sierra Leone, Delphos is proud to announce its pivotal role as the sole financial advisor to Summa Turizm Yatirimciligi A.S. (“Summa”) in securing a substantial US $150 million financing package for the expansion and enhancement of Freetown International Airport. This momentous project, approved by the US International Development Finance Corporation (“DFC”), is set to bolster the country’s infrastructure, and propel it towards a brighter economic future.

The project centers on Summa’s Build, Operate, and Transfer (“BOT”) concession for the Freetown Airport, which was granted by the Government of Sierra Leone. Delphos, in collaboration with Summa and the dedicated DFC team, worked tirelessly to craft a robust loan package that caters to the unique needs of both the lender and the project. This synergy is a testament to the potential of well-structured debt financing in building the foundations of prosperity for African markets in the years to come.

Summa’s expanding influence in West Africa is evident through its operation of airports in Senegal, Niger, and now Sierra Leone. The new terminal at Freetown Airport, constructed and delivered ahead of schedule, opened its doors in March 2023. This achievement not only underscores Summa’s commitment to growth but also its efficiency in delivering critical infrastructure projects on time.

This financing marks a turning point for Summa as it ventures into development bank financing for the first time. With an impressive portfolio of infrastructure assets across Sub-Saharan Africa, including hotels, airports, roads, arenas, and more, Summa is poised to contribute to the sustainable development of the regions in which it operates.

Bart Turtelboom, Chair and CEO of Delphos, voiced his enthusiasm, saying, “We are proud to serve as the financial advisor to Summa on this transformative project and thank them for their continued business. We at Delphos believe that well-structured debt financing is critical to building the infrastructure which African markets need to realize their economic potential in the coming decades. Thank you also to the highly capable team at DFC.”

As the Freetown Lungi Airport project takes flight, it symbolizes not just a gateway but a path to development and positive growth for Sierra Leone and West Africa. Delphos, Summa, and the DFC’s combined efforts promise a brighter future for Sierra Leone, showcasing the tremendous potential of strategic partnerships and well-planned infrastructure development in frontier markets.

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