Cygnum Capital is pleased to have acted as financial adviser to Mota-Engil Africa on a €99.1 million financing from the European Bank for Reconstruction and Development (EBRD) to support to support the modernisation of its mining services operations in Côte d’Ivoire and Senegal through investment in new equipment, working capital and the refinancing of recent investments.

The transaction represents the first financing between Mota-Engil and the EBRD and will support operations across three mining sites in the two countries. By combining investment in new equipment with working capital and the refinancing of recent capital expenditure, the financing provides Mota-Engil Africa with additional capacity to invest in and expand its existing operations in West Africa.

Investment in newer and more efficient machinery is expected to improve productivity while reducing fuel consumption and greenhouse gas emissions, demonstrating how financing can support both the commercial and environmental performance of businesses operating in critical sectors of African economies.

The transaction also incorporates a significant investment in local skills. Mota-Engil Africa will work with educational institutions in Côte d’Ivoire and Senegal to establish nationally accredited technical training programmes, helping to develop the skills required by an increasingly sophisticated and technology-driven mining industry. The combination of investment in modern equipment and local technical capability addresses two essential requirements for building efficient, sustainable mining operations over the long term.

Alongside this, initiatives will be introduced to increase the recruitment, retention and advancement of women in technical, operational and leadership positions. These programmes will be supported by an additional €200,000 technical cooperation programme provided by the EBRD under its Gender and Economic Inclusion Framework.

The financing comes as the EBRD expands its activities in sub-Saharan Africa. Having begun investing in the region in 2025, the Bank has already committed more than €620 million across Benin, Côte d’Ivoire, Kenya, Nigeria and Senegal.

Mota-Engil has an 80-year history in Africa and is today one of the continent’s leading engineering, construction and mining services businesses. The new financing establishes a significant institutional relationship between Mota-Engil and the EBRD and supports continued investment in the productivity, sustainability and local capabilities of its African operations.

For Cygnum Capital, the transaction is closely aligned with our role in connecting established businesses in African and other emerging markets with international institutional capital. By bringing together businesses with a long-term commitment to their markets and institutions able to provide appropriately structured financing, transactions such as this can support productive investment, strengthen local capabilities and contribute to more sustainable economic growth.

Cygnum Capital was delighted to advise Mota-Engil Africa on this important transaction and to work alongside the Mota-Engil and EBRD teams, with Eversheds Sutherland acting as legal adviser.