A11 Belgium motorway is first EIB Project Bond Initiative funded project

Belgium’s €577.9 million A11 motorway Public-Private Partnership (PPP) project has become the first greenfield infrastructure works to receive credit enhancement under the European Commission and EIB (European Investment Bank) Project Bond Initiative. The financing, secured by an EIB letter of credit, is part of the test phase for the 2012 Brussels-launched Project Bond Initiative aiming to invigorate capital market financing for infrastructure projects. The A11 motorway is due for completion in 2018. The
March 27, 2014 Read time: 2 mins
Belgium’s €577.9 million A11 motorway Public-Private Partnership (PPP) project has become the first greenfield infrastructure works to receive credit enhancement under the 2465 European Commission and EIB (1054 European Investment Bank) Project Bond Initiative.

The financing, secured by an EIB letter of credit, is part of the test phase for the 2012 Brussels-launched Project Bond Initiative aiming to invigorate capital market financing for infrastructure projects. The A11 motorway is due for completion in 2018. The project is one of the six major 'missing links' in the Flemish road network and the largest DBFM (Design-Build-Finance-Maintain) road project to date in Flanders.

Prior to the completion of the landmark credit enhancement Deal, the EIB was advised by global law firm White & Case.

“Advising the EIB on its innovative product enabled us to combine our experience of successfully delivering project bonds and strength in advising on landmark PPP projects,” said White & Case partner Caroline Miller Smith.

The White & Case team was led by London-based partners Caroline Miller Smith and Gavin McLean with support from associate Kamran Ahmad (London), counsel Ferdinand Brughmans and associate Serkan Alhan (both Brussels).
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