Covington Acts on a $200 Million Financing to Support the Government of Zanzibar

Covington Acts on a $200 Million Financing to Support the Government of Zanzibar

September 18, 2023

JOHANNESBURG—Covington worked alongside IMMMA Advocates to advise the National Bank of Commerce Limited (NBC) and NMB Bank Public Limited Company (NMB) as mandated lead arrangers in connection with the $200,000,000 syndicate sovereign debt financing of the Rev. Government of Zanzibar to fund various government-related projects.

The funds will be spent towards financing various socio-economic development projects in the country as part of the implementation of Zanzibar’s Sh2.84 trillion budget for the financial year 2023/2024, including construction of primary healthcare facilities, rehabilitation and construction of schools and district sport centers, and purchase of security fishing boats to strengthen sustainable fishing and coral reefs protection.