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TRAINING WORKSHOP
RESULTS MEASUREMENT FRAMEWORK (RMF)
Université Laval
Quebec, Canada – July 2 – 13 2012
Gilles Couture, MBA
Consultant in financial arrangements
3055 Blvd Wilfrid-Hamel, suite 225, Quebec city, G1P 4C6, Quebec, Canada
cessinstitute@cessinstitute.org | tel +1418 914 2120 | Fax: + 1 418 914 3530
Module 9 :Module 9 :
Project financingProject financing
and sources of fundingand sources of funding
© CESS Institute 2012
Agenda
© CESS Institute 2012 cessinstitute@cessinstitute.org
1. Introduction
2. Project financing
3. Research of funding
4. Conclusion
© CESS Institute 2012
1. Introduction
© CESS Institute 2012 cessinstitute@cessinstitute.org
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
An overview of Africa’s potential
According the World Economic Forum Summit
2010, over US$ 2 trillion dollars are needed
every year for the next decade for global
infrastructure investment in energy, water,
transportation, telecommunications, mining,
and municipal service delivery.
In July 2010, African leaders launched a new
programme for infrastructure development in
Africa PIDA to promote socio-economic
development and poverty reduction through
improved access to integrated regional and
continental infrastructure networks and
services.
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
Global Investors in infrastructure cannot
afford to ignore Africa’s huge potential. In
Sub Saharan Africa, parterships private public
PPP investments reached US 12,6 billions in
2010.
The World Bank Group in 2011 has extended
a total of around $3.8 billion to support the
financial close of 50 PPP transactions in
energy, transport, and water, of which: 14
independent power plants for more than
US$1.3 billion of financial support ; 10 rail
concessions, approximately US$1.1billion.
An overview of Africa’s potential (suite)
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
An overview of Africa’s potential (suite)
Key issues and challenges
Source: AICD. 2008. “Financing Public Infrastructure in SSA
McKinsey & Company. 2010. “Lions on the Move: The Progress and Potential of African Economies.”
World Bank. 2010. Africa’s Infrastructure: A Time for Transformation World Bank, Group, Investment Climate Surveys
© CESS Institute 2012
2. Project financing
© CESS Institute 2012 cessinstitute@cessinstitute.org
© CESS Institute 2012
Project finance is the long term financing of
infrastructure and industrial projects based
upon the projected cash flows of the project
rather than the balance sheets of the project
sponsors. Project Finance also involves a
corporate sponsor investing in and owning a
single purpose, industrial asset through a
legally independent entity financed with non-
recourse debt.
© CESS Institute 2012 cessinstitute@cessinstitute.org
Definition
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
9
• Sponsors and investors: they are generally involved in the construction and the
management of the project. Other equity-holders may be companies with commercial
ties to the project, i.e., customers, suppliers…
• Lenders: The needed finance is generally raised in the form of debt from a syndicate of
lenders such as banks and less frequently from the bond market.
• Government: project company need to obtain a concession from the host government.
– Role of type of contract: Build-own-operate (BOO) or Build-transfer-operate (BOT).
– Control on revenues such as for example: Doraleh Container Terminal Djibouti, etc
• Suppliers and Contractors: Role of turnkey contracts to make sure that construction is
completed within costs and on schedule. Turnkey contracts specify a fixed price and
penalties for delays.
• Customers: Depending on the contract, multiple or a single customer.
Parties to a Project Financing
  
The most usual parties to a project financing are:
Characteristics of project financing
© CESS Institute 2012 cessinstitute@cessinstitute.org
• Project cash flows
• Normally higher levels of debt
• Variety of contractual obligations and undertakings
to manage and reduce risk
- Bank Guarantees
- Letters of Credit to cover greater risk during
construction period
• A variety of funding sources
- export credits
- development funds
- specialised asset finance
- conventional debt and
- equity finance
© CESS Institute 2012 cessinstitute@cessinstitute.org
Characteristics of project financing (suite)
© CESS Institute 2012 cessinstitute@cessinstitute.org
Why use Project Finance
•Amount too large for company Balance Sheet
•Too much risk for one company
• Company policy for off balance sheet with or
without recourse
• Political risks : local regulations, foreign
shareholdings
• Existing covenants
• Project development time
• Protect the project from sponsor failure
© CESS Institute 2012 cessinstitute@cessinstitute.org
What are typicals steps in project finance
Source : Slivker, A., « What is projet finance and how does it work », april 2011, page 4
A simplified project structure example
A “nexus
of
contracts”
that aids
the sharing
of risks,
returns,
and
control
Source: Esty, B., “An Overview of Project Finance – 2002 Update: Typical project structure for an independent power producer”
© CESS Institute 2012 cessinstitute@cessinstitute.org
Major project contracts
• The Offtake Contract:
– A framework under which
Project Company obtains
revenues
– Provides the “offtaker”
(purchaser) with a secure supply
of project output, and the
Project Company with the ability
to sell the output on a pre-
agreed basis
– Can take various forms, such as
“Take or Pay” Contract:
• “Power Purchase
Agreement” (PPA)
• Input Supply Contract:
– The Offtake Contract for the
input supplier
– Provides the Project Company
the security of input supplies on
a pre-agreed pricing basis
– The terms of the Input Supply
Contract are usually crafted to
match those of the Offtake
Contract (such as input volume,
length of contract, force
majeure, etc.)
© CESS Institute 2012 cessinstitute@cessinstitute.org
Major project contracts (suite)
• Construction Contract:
– A contract defining the “turnkey”
responsibility to deliver a
complete project ready for
operation (Engineering,
Procurement, Construction (EPC)
Contract)
• Operation and Maintenance
Contracts:
– Ensures that the operating and
maintenance costs stay within
budget, and project operates as
planned.
• Permits:
– Contracts that ensure permits
and other rights for construction
and operation of the project, as
well as for investing in and
financing of the Project Company
– May be provided by central
governments and/or local
authorities
• Government Support Agreements:
– Provisions may include
guarantees on usage of public
utilities, compensation for
expropriation, tax exemptions,
and litigation of disputes in an
agreed jurisdiction
© CESS Institute 2012 cessinstitute@cessinstitute.org
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
SPONSOR + PROJECT?
Finance separately with non-recourse
debt? (Project Finance)
Finance jointly with corporate funds?
(Corporate Finance)
What Does a Project need?
Customized capital structure/asset specific
governance systems to minimize cash flow volatility
and maximize firm value.
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
Corporate Finance Model v. Project Finance Model
Source : Slivker, A., « What is projet finance and how does it work », april 2011, page 4
Structural decisions may affect the existence and magnitude of costs
due to market perfections:
* Agency conflicts
* Financial distress
* Structuring and executing transactions
* Asymmetric information between parties involved
* Taxes
Value Creation
Organizational Structure
Contractual Structure
Governance Structure
Why does structure matter?
© CESS Institute 2012 cessinstitute@cessinstitute.org
A Typical Format used for Presenting Cash Flow Statement
Income statement
Revenues
Expenses
Cost of goods sold
Depreciation
Debt interest
Operating expenses
Taxable income
Income taxes
Net income
Cash flow statement
+ Net income
+Depreciation
-Capital investment
+ Proceeds from sales of
depreciable assets
- Gains tax
- Investments in working
capital
+ Working capital recovery
+ Borrowed funds
-Repayment of principal
Net cash flow
Operating
activities
Investing
activities
Financing
activities
+
+
© CESS Institute 2012 cessinstitute@cessinstitute.org
Points of Consider
•Sunk Costs : a cost that has already been incurred and
cannot be recovered irrespective of the decision to accept
or reject the project : r&d, market research, consultant’s fees
•Opportunity Costs: resources have multiple uses you can use
them in one way to the exclusion of other uses and this gives rise
to opportunity costs
•Project Externalities: the effect of a new project (positive or
negative) on an existing project or division of a firm
•Change in Net Working Capital : net working capital is defined as
current assets minus current liabilities. Investment in working capital is
a cash outflow during the year in which investment takes place
© CESS Institute 2012 cessinstitute@cessinstitute.org
Disadvantages of Project Financing
• Often takes longer to structure than equivalent size
corporate finance.
• Higher transaction costs due to creation of an
independent entity. Can be up to 60 basis points
100 basis points = 1%
• Project debt is substantially more expensive (50-400
basis points) due to its non-recourse nature.
• Extensive contracting restricts managerial decision
making.
• Project finance requires greater disclosure of
proprietary information and strategic deals.
© CESS Institute 2012 cessinstitute@cessinstitute.org
© CESS Institute 2012
3. Source of funding
© CESS Institute 2012 cessinstitute@cessinstitute.org
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
Definition
Project financing refers to the means of finance employed for
meeting the cost of the project.
The means of finance refers to the long-term sources of finance
used for meeting the cost of the project.
Sources of finance :
· Equity capital and preference capital
· Convertible and non-convertible debentures
· Terms loans
· Deferred credit
· Sales tax deferment and exemption
· Unsecured loans and deposits, etc.
 
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
25
Typical project financing stage
Source : Laiki Group
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
26
The “Secrets” to Successful Financing
1. Choosing the right sources of capital is a decision that will
influence a project for a lifetime.
2. The money is out there; the key is knowing where to look.
3. Raising money takes time and effort.
4. Creativity counts. Entrepreneurs have to be as creative in their
searches for capital.
5. The World Wide Web puts at entrepreneur’s fingertips vast
resources of information that can lead to project financing.
6. Be thoroughly prepared before approaching lenders and
investors.
7. Entrepreneurs should not underestimate the importance of
making sure that the “chemistry” among themselves, their
project, and their funding sources is a good one.
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
27
Overview of financiers and their roles
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
28
Overview of financiers and their roles (suite)
Source : Slivker, A., « What is projet finance and how does it work », april 2011, page 4
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
29
Investment Grade Characteristics of Infrastructure Assets
Source : Global Infrastructure Partners
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
30
Infrastructure Financing Key Characteristics
Source : Global Infrastructure Partners
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
Conclusion
The future of the market
Intenatinal deal makers are expecting further transactions in
energy generation, particularly hydro-power with some roads
and rail projects emerging in 2012. They are confident, that
African market will benefit from the recovery and will continue
in the positive trend. Project finance will not be as aggressive as
prior to the financial crisis and more conservative structures will
build the standard form in future. The future of Eropean and
USA debts is very difficult to predict given the volatility of the
financial markets. Well structured projects will probably have
more chance for success.
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
Webographie
• Project Finance Magazine www.
projectfinancemagazine.com
• Project Finance International http://www.pfie.
com/
• Trade Finance Magazine http://www.
tradefinancemagazine.com/
• Euro Week http://www.euroweek.com/
• AirFinance Journal http://www.airfinancejournal.com/
• Finance Québec
http://www.finance-quebec.com
/financement_projet.html
• C.R.E.A.M Europe
ttp://www.cream-europe.eu/en/index.php
• African Venture Capital Association http://www.
avcanet.com/
© CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org
Gilles Couture, MBA
Consultant financial arrangement
E-mail : gilles.couture1@hotmail.com
Phone : Québec 418 524-1288
For any further information

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Project financing and sources of funding

  • 1. TRAINING WORKSHOP RESULTS MEASUREMENT FRAMEWORK (RMF) Université Laval Quebec, Canada – July 2 – 13 2012 Gilles Couture, MBA Consultant in financial arrangements 3055 Blvd Wilfrid-Hamel, suite 225, Quebec city, G1P 4C6, Quebec, Canada cessinstitute@cessinstitute.org | tel +1418 914 2120 | Fax: + 1 418 914 3530 Module 9 :Module 9 : Project financingProject financing and sources of fundingand sources of funding
  • 2. © CESS Institute 2012 Agenda © CESS Institute 2012 cessinstitute@cessinstitute.org 1. Introduction 2. Project financing 3. Research of funding 4. Conclusion
  • 3. © CESS Institute 2012 1. Introduction © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 4. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org An overview of Africa’s potential According the World Economic Forum Summit 2010, over US$ 2 trillion dollars are needed every year for the next decade for global infrastructure investment in energy, water, transportation, telecommunications, mining, and municipal service delivery. In July 2010, African leaders launched a new programme for infrastructure development in Africa PIDA to promote socio-economic development and poverty reduction through improved access to integrated regional and continental infrastructure networks and services.
  • 5. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org Global Investors in infrastructure cannot afford to ignore Africa’s huge potential. In Sub Saharan Africa, parterships private public PPP investments reached US 12,6 billions in 2010. The World Bank Group in 2011 has extended a total of around $3.8 billion to support the financial close of 50 PPP transactions in energy, transport, and water, of which: 14 independent power plants for more than US$1.3 billion of financial support ; 10 rail concessions, approximately US$1.1billion. An overview of Africa’s potential (suite)
  • 6. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org An overview of Africa’s potential (suite) Key issues and challenges Source: AICD. 2008. “Financing Public Infrastructure in SSA McKinsey & Company. 2010. “Lions on the Move: The Progress and Potential of African Economies.” World Bank. 2010. Africa’s Infrastructure: A Time for Transformation World Bank, Group, Investment Climate Surveys
  • 7. © CESS Institute 2012 2. Project financing © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 8. © CESS Institute 2012 Project finance is the long term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of the project sponsors. Project Finance also involves a corporate sponsor investing in and owning a single purpose, industrial asset through a legally independent entity financed with non- recourse debt. © CESS Institute 2012 cessinstitute@cessinstitute.org Definition
  • 9. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org 9 • Sponsors and investors: they are generally involved in the construction and the management of the project. Other equity-holders may be companies with commercial ties to the project, i.e., customers, suppliers… • Lenders: The needed finance is generally raised in the form of debt from a syndicate of lenders such as banks and less frequently from the bond market. • Government: project company need to obtain a concession from the host government. – Role of type of contract: Build-own-operate (BOO) or Build-transfer-operate (BOT). – Control on revenues such as for example: Doraleh Container Terminal Djibouti, etc • Suppliers and Contractors: Role of turnkey contracts to make sure that construction is completed within costs and on schedule. Turnkey contracts specify a fixed price and penalties for delays. • Customers: Depending on the contract, multiple or a single customer. Parties to a Project Financing    The most usual parties to a project financing are:
  • 10. Characteristics of project financing © CESS Institute 2012 cessinstitute@cessinstitute.org • Project cash flows • Normally higher levels of debt • Variety of contractual obligations and undertakings to manage and reduce risk - Bank Guarantees - Letters of Credit to cover greater risk during construction period
  • 11. • A variety of funding sources - export credits - development funds - specialised asset finance - conventional debt and - equity finance © CESS Institute 2012 cessinstitute@cessinstitute.org Characteristics of project financing (suite)
  • 12. © CESS Institute 2012 cessinstitute@cessinstitute.org Why use Project Finance •Amount too large for company Balance Sheet •Too much risk for one company • Company policy for off balance sheet with or without recourse • Political risks : local regulations, foreign shareholdings • Existing covenants • Project development time • Protect the project from sponsor failure
  • 13. © CESS Institute 2012 cessinstitute@cessinstitute.org What are typicals steps in project finance Source : Slivker, A., « What is projet finance and how does it work », april 2011, page 4
  • 14. A simplified project structure example A “nexus of contracts” that aids the sharing of risks, returns, and control Source: Esty, B., “An Overview of Project Finance – 2002 Update: Typical project structure for an independent power producer” © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 15. Major project contracts • The Offtake Contract: – A framework under which Project Company obtains revenues – Provides the “offtaker” (purchaser) with a secure supply of project output, and the Project Company with the ability to sell the output on a pre- agreed basis – Can take various forms, such as “Take or Pay” Contract: • “Power Purchase Agreement” (PPA) • Input Supply Contract: – The Offtake Contract for the input supplier – Provides the Project Company the security of input supplies on a pre-agreed pricing basis – The terms of the Input Supply Contract are usually crafted to match those of the Offtake Contract (such as input volume, length of contract, force majeure, etc.) © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 16. Major project contracts (suite) • Construction Contract: – A contract defining the “turnkey” responsibility to deliver a complete project ready for operation (Engineering, Procurement, Construction (EPC) Contract) • Operation and Maintenance Contracts: – Ensures that the operating and maintenance costs stay within budget, and project operates as planned. • Permits: – Contracts that ensure permits and other rights for construction and operation of the project, as well as for investing in and financing of the Project Company – May be provided by central governments and/or local authorities • Government Support Agreements: – Provisions may include guarantees on usage of public utilities, compensation for expropriation, tax exemptions, and litigation of disputes in an agreed jurisdiction © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 17. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org SPONSOR + PROJECT? Finance separately with non-recourse debt? (Project Finance) Finance jointly with corporate funds? (Corporate Finance) What Does a Project need? Customized capital structure/asset specific governance systems to minimize cash flow volatility and maximize firm value.
  • 18. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org Corporate Finance Model v. Project Finance Model Source : Slivker, A., « What is projet finance and how does it work », april 2011, page 4
  • 19. Structural decisions may affect the existence and magnitude of costs due to market perfections: * Agency conflicts * Financial distress * Structuring and executing transactions * Asymmetric information between parties involved * Taxes Value Creation Organizational Structure Contractual Structure Governance Structure Why does structure matter? © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 20. A Typical Format used for Presenting Cash Flow Statement Income statement Revenues Expenses Cost of goods sold Depreciation Debt interest Operating expenses Taxable income Income taxes Net income Cash flow statement + Net income +Depreciation -Capital investment + Proceeds from sales of depreciable assets - Gains tax - Investments in working capital + Working capital recovery + Borrowed funds -Repayment of principal Net cash flow Operating activities Investing activities Financing activities + + © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 21. Points of Consider •Sunk Costs : a cost that has already been incurred and cannot be recovered irrespective of the decision to accept or reject the project : r&d, market research, consultant’s fees •Opportunity Costs: resources have multiple uses you can use them in one way to the exclusion of other uses and this gives rise to opportunity costs •Project Externalities: the effect of a new project (positive or negative) on an existing project or division of a firm •Change in Net Working Capital : net working capital is defined as current assets minus current liabilities. Investment in working capital is a cash outflow during the year in which investment takes place © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 22. Disadvantages of Project Financing • Often takes longer to structure than equivalent size corporate finance. • Higher transaction costs due to creation of an independent entity. Can be up to 60 basis points 100 basis points = 1% • Project debt is substantially more expensive (50-400 basis points) due to its non-recourse nature. • Extensive contracting restricts managerial decision making. • Project finance requires greater disclosure of proprietary information and strategic deals. © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 23. © CESS Institute 2012 3. Source of funding © CESS Institute 2012 cessinstitute@cessinstitute.org
  • 24. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org Definition Project financing refers to the means of finance employed for meeting the cost of the project. The means of finance refers to the long-term sources of finance used for meeting the cost of the project. Sources of finance : · Equity capital and preference capital · Convertible and non-convertible debentures · Terms loans · Deferred credit · Sales tax deferment and exemption · Unsecured loans and deposits, etc.  
  • 25. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org 25 Typical project financing stage Source : Laiki Group
  • 26. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org 26 The “Secrets” to Successful Financing 1. Choosing the right sources of capital is a decision that will influence a project for a lifetime. 2. The money is out there; the key is knowing where to look. 3. Raising money takes time and effort. 4. Creativity counts. Entrepreneurs have to be as creative in their searches for capital. 5. The World Wide Web puts at entrepreneur’s fingertips vast resources of information that can lead to project financing. 6. Be thoroughly prepared before approaching lenders and investors. 7. Entrepreneurs should not underestimate the importance of making sure that the “chemistry” among themselves, their project, and their funding sources is a good one.
  • 27. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org 27 Overview of financiers and their roles
  • 28. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org 28 Overview of financiers and their roles (suite) Source : Slivker, A., « What is projet finance and how does it work », april 2011, page 4
  • 29. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org 29 Investment Grade Characteristics of Infrastructure Assets Source : Global Infrastructure Partners
  • 30. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org 30 Infrastructure Financing Key Characteristics Source : Global Infrastructure Partners
  • 31.
  • 32. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org Conclusion The future of the market Intenatinal deal makers are expecting further transactions in energy generation, particularly hydro-power with some roads and rail projects emerging in 2012. They are confident, that African market will benefit from the recovery and will continue in the positive trend. Project finance will not be as aggressive as prior to the financial crisis and more conservative structures will build the standard form in future. The future of Eropean and USA debts is very difficult to predict given the volatility of the financial markets. Well structured projects will probably have more chance for success.
  • 33. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org Webographie • Project Finance Magazine www. projectfinancemagazine.com • Project Finance International http://www.pfie. com/ • Trade Finance Magazine http://www. tradefinancemagazine.com/ • Euro Week http://www.euroweek.com/ • AirFinance Journal http://www.airfinancejournal.com/ • Finance Québec http://www.finance-quebec.com /financement_projet.html • C.R.E.A.M Europe ttp://www.cream-europe.eu/en/index.php • African Venture Capital Association http://www. avcanet.com/
  • 34. © CESS Institute 2012© CESS Institute 2012 cessinstitute@cessinstitute.org Gilles Couture, MBA Consultant financial arrangement E-mail : gilles.couture1@hotmail.com Phone : Québec 418 524-1288 For any further information

Editor's Notes

  1. April SSA projection = IMF SSA Outlook (April 24)
  2. April SSA projection = IMF SSA Outlook (April 24)
  3. April SSA projection = IMF SSA Outlook (April 24)
  4. April SSA projection = IMF SSA Outlook (April 24)
  5. April SSA projection = IMF SSA Outlook (April 24)
  6. April SSA projection = IMF SSA Outlook (April 24)
  7. April SSA projection = IMF SSA Outlook (April 24)
  8. April SSA projection = IMF SSA Outlook (April 24)
  9. April SSA projection = IMF SSA Outlook (April 24)
  10. April SSA projection = IMF SSA Outlook (April 24)
  11. April SSA projection = IMF SSA Outlook (April 24)