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FINANCIN
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NG AFRICPUBLIC
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Bymanuel Mng Direct
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1.0 INTRO
Africa tomade prfrequentpeaceful wealth. private punderstadevelopmreversing
Accordinwhole, av2016, exAfrica toexpectedexpected
African Gnetworksdevelopmunemplothe publsector” (
Public-PrAfrica’s Bin diaspointegratiofuture. TMonetarAfrican Dtoday ab
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These prAfrica wicountries
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oday has madrogress in cre which spreaand non-vio
“Investors wopartnership (
anding of the ment impact. g a trend of de
g to Havas Hoveraging at a
xperiencing gro recover thed to be around upturn in glo
Governments s in their coument financeoyment, higheic and privatIFC , 2013).
rivate–PartnerBusiness envirora to returnon which has These regionary CommunityDevelopment out catching u
e, the abundfinancial sec
d business ennity for investe finance and
ovides opporll only continus that should
9
de significant eating politicaad across Afrilent businessorldwide reco(PPP) structurisks—and hoInvestment i
ecreasing inve
orizons, (2017round 5%. Th
rowth of arou levels of ec
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er prices and ce sector to d
rship can onlyronment enco and invest ivery positive
al economic y of Central ACommunity. Tup with rest o
dant natural ctor and rulenvironment. Htors and finand project finan
tunities for inue to be morebe used as pi
progress in ial stability coican countries environment
ognize the poures. But takow they can bin African inf
estments” (IFC
7), Africa had he economy sund 1.6% in 2onomic perfo7. Furthermord a rise in oil p
p to public-prenhance servi
improve servcorruption (Fa
deliver a publ
y succeed wheourages educain Africa. Anoimplications blocs includefrica; SoutherThe potential
of the world in
resources ande of law, incHowever, the nciers. The pronce. Investing
nvestors/finane stable and inivots for mark
its effort to pompare to ths. The implict. This furthe
otential for inking advantabe mitigated—frastructure wC , 2013).
sustained groslowed down 2016, the lowormance seenre, this growtprices.
rivate partnerice delivery tvices, while arlam, 2005).lic service wit
en the busineation of the yoother importafor political, e
e; Economic rn African Cuss in these arr
n its developm
d energy discrease in hou infrastructurovision of infrin Africa now
nciers to take nvestment frieket penetratio
CoH
provide invese past, whenations of pol
er promotes envestments inage of these—to optimize was up 33 pe
owth for abouin growth be
west for 20 yen in recent yth is forecast
rships (PPPs) o their peopavoiding som What then isth full or par
ess environmeoung populatant factor foreconomic andCommunitiesstoms Union; rangements sument.
coveries, incrusehold spendre gap and thrastructure its
w is a strategic
now, especiaendly. The stron in Africa, so
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tment friendln military inteitical stabilityeconomic actn Africa, espee opportunitiethe project’s ercent in 201
ut 15 years acginning in 20
ears. Howeveears. Economto continue
to radically ile. However,
me of the pis PPP? It is “Artial transfer
ent is stable. Tion, and a gror progress, is
d social stabilit of West AfEast African
uggest that Af
rease in middding among he lack of adeself would leac decision for
ally for long terategies may home of these
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ly environmeerventions wy is that, it ptivities and crecially througies requires investment re
12 compared
ross the cont015 and contier, 2017 shoumic growth in
in 2018, drive
improve infrathey expect
itfalls of privA partnershipof risks to th
The growing sowing interests the growingty now and in
frican State; Community a
Africa is very c
dle-class popothers contrequate fundsad to further those who ca
erm financinghowever be, t countries ma
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ent. It has were quite provides a reation of gh public-a proper eturn and
to 2011,
inent as a nued into ld enable
n Africa is en by the
astructure that this
vatisation: between
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stability in t by those g regional n the near Economic
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South AfHowever
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2.0 INFRA
There is period ofbe seen investme
“The potas PPPs eand appeprojects infrastrucinvestmeimplemenhave bec
2.1 Achie
Accordinbe aboutthe regioproject fAfrica’s ionly US$
South Affinance vlast 4 yeRwanda, sub-regiogeneratioand Mon
Only oneState) sureached developm
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frica, Nigeria,r, even in thes
a growing intic service canbout fair and
ASTRUCTURE
obviously a hf dictatorshipas a major d
ent.
tential for PPPexpand furtheeal to local ohas been chacture PPP proj
ents with foreinted has expa
come involved
evements in A
g to NEPAD, t $12 billion aon with an agfinance volumnfrastructure 1 billion annu
frica was by favolumes. Outsears include Uganda, and
on in Sub-Sahon) deals tota
netary Union)
e power deal wub-region. As
financial cloment banks, a
9
Ghana, Rwase countries th
erest by privan achieve it iattractive risk
E GAP IN AFRIC
huge gap in inp, military ruledisadvantage
Ps in Africa is er into new seor regional inanging as nejects were conign sponsors tanded, more i
d across a wide
African Infrast
(2014) Public-annually. Oveggregate deb
mes, comparegap. On aver
ually, versus th
ar the leadingside South Afrindependent Senegal, as waran Africa haalling US $1.8closed 5 infra
worth US$130a recent exase in 2013, bilateral deve
anda, Tanzanihere are great
ate investors infrastructura
k-adjusted ret
CA
nfrastructurale and violent
to investme
seemingly limectors such asvestors alongw countries ancentrated in taking the leainnovative proer range of co
tructure Proje
-Private Partnr the last 10
bt of US$59 bed to 38% worage over the he US$12 billio
g country for rica, infrastruc
power plantwell as a toll ras been the Ea billion (annu
astructure dea
0 million was mple, the USraised 12/14elopment age
ia, Mozambiqt challenges in
in Africa, relatal goals by prurns on inves
l developmenconflict that nt, the other
mitless relatives social servic
gside larger, iand types of sectors such d. More recenojects have b
ountries” (IFC ,
ect Finance
nerships (PPPsyears (2003-2
billion. Extracorldwide. This
2003-2013 pon requireme
infrastructurecture project fts in Cameroroad in Senegast Africa Com
ual average Uals totalling US
closed in theS$196 million 4-year debt fency, and a loc
CoH
que, Ethiopia,n infrastructu
tive to Africa’roviding incentments (IFC ,
nt in most Afrdestroyed infr side of it is
e to its currences, tailor theminternational investors hav
as power andntly, the rangeeen undertak, 2013).
s), funded thr2013), 158 prtive industries disproportio
period, infrastent noted abo
e, with 45% ofinance transa
oon, Cape Vegal. During themmunity withS$180 millionS $1.5 billion
e ECCAS (EconSendou coal-
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, Gabon, Botsral developme
s needs. By cntives to priva2013).
rican countriefrastructure ins that it is a
nt level. New omselves to smplayers. The ve become in
d telecoms ande of sectors inen, and local
rough project oject finance
es representeonate share hructure projecve.
of the region’sactions closederde, Cote D’e period 2003 seven infrast
n). WAEMU (W(annual avera
nomic Commu-fired IPP pro
p of lenders al bank (NEPA
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swana, and Ment.
reating PPP stvate investors
es because ofn Africa, whilegreat opport
opportunitiesmall and large
range and siznvolved. Untild usually invo
n which PPPs hand regional
finance sche transactions d 64% of thehighlights subct finance rep
s infrastructurd in the region’Ivoire, Ghan
3-2013, the mtructure (mosWest African age US$150 m
unity of Centroject in Seneg
consisting ofAD, 2014).
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Mauritius.
tructures, who are
f the long e this can tunity for
will arise e projects, ze of PPP l recently, lved large have been l investors
mes, may closed in
e region’s b-Saharan presented
re project n over the a, Kenya, ost active
stly power Economic
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ral African gal, which f regional
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3.0 SECTO
As earliemost govbelow:
CHART 1
Source: (
Also acctelecommthat withgovernm
MeanwhInfrastruchistoricaleveling opercent) sectors aAfrica PP
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ORAL FOCUS
r observed, thvernment are
(IFC , 2013)
cording to Famunications, th the correct r
ments and goo
ile, Jeffrey, Acture (PPI) inlly the main off since 2012went to the
and, in particPI during the s
9
OF PUBLIC PR
he focus of PPe the followin
arlam, (2005)transport andregulatory frad opportuniti
Amadou, & Son sub-Saharanrecipient of P2. During 200
telecom sectcular, to sub-same period.
RIVATE PARTN
PP cut across ng; Energy, Te
) PPP have d eco-tourism mework and es for investo
oumya, (2015)n Africa sincePPI in sub-Sa5-2013, a littltor. Most of sectors like e
NERSHIP FOR
several sectoelecom, Trans
been genera projects thanstrong politic
ors.
) observed the 2005. As nharan Africa, le less than twthe remainin
electricity, wh
CoH
INFRASTRUC
ors of Africa’s sport, Water
ally more sucn power and al commitme
at there is annoted in char
but private wo-thirds of tg investment
hich accounte
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economy, bu& Sewage as
ccessful in sewater. Howevnt, they do of
n increase in Prt 2, the teleinvestment intotal PPI in su went to the
ed for 18.6 pe
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CING IN AFRIC
ut of special ins shown in th
ectors such ver, he furtheffer value for
Private Particecom sector n this sector ub-Saharan Afe energy and ercent of sub
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CA
nterest to he chart 1
as ports, er suggest money to
ipation in has been has been
frica (64.1 transport
b-Saharan
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CHART 2Proportio
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4.0 TYPE
A solid frbenefit fof PPP baContracts
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: Jeffrey, Ama
S AND RISK O
ramework is rom a well plased on the ds, concessions
9
tructure Inves
dou, & Soumy
OF PUBLIC-PRI
important foranned and exegree of privas, Greenfields
stment Comm
ya, (2015) Bro
IVATE-PARTN
r PPP successxecuted PPP. ate sector coms, and divestitu
mitments in
ookings Institu
NERSHIP
s. The governm(Richard, Rabmmitmemt is ure:
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Sub-Saharan
ute
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provided in t
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Africa, by S
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Sub-sector, 20
Private sector). Classifying w to include L
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005-2013,
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9
d, Rabih, Monaa, & Mazen, (22008) Booz &
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Howevermost comas presen
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4.1 Risk m
The WorGuarantegovernmInternatithe privaMultilateinfrastrucquarter ointerest rthose de
any Nr. 1052250
r, PPP risks spmmon to all Pnted in the tab
from Richard
mitigation
rld Bank Groees (PRG) tha
ment-owned eonal Financiaate sector, s
eral Investmencture sector (4of its overall prate risks assoscribed above
9
read differentPPP and shareble below:
d, Rabih, Mona
oup offers a at cover privantity failing tol Corporation such as Partint Guarantee 44 percent ofportfolio. Theociated with fie could help s
tly dependingd differently b
a, & Mazen, (2
number of rate lenders oro perform its (IFC) offers c
ial Credit GuAgency (MIGA
f its portfolio) e AfDB’s Curreinancing in locpur PPI to the
g on the type obetween the
2008) Booz &
risk mitigatior investors agcontractual o
redit enhanceuarantees (PCA) offers guarand its opera
ency Exchangecal currency.
e continent (Je
CoH
of partnershipprivate and th
Company
on tools to igainst the risobligations wiement mechaCG) in both rantees againsations in Africae Fund (TCX) Expanding exeffrey, Amado
orporate Finance I HQ’s are at Northu
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p, but there arhe public sect
nvestors, likek of an IDA-eith respect tonisms for bonlocal and fo
st non-commea have increashelps investoisting risk mit
ou, & Soumya,
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re certain risktors. Some of
e the IDA Paeligible gover
o a private pronds and loans oreign currenercial risk maised to accoun
ors hedge currigation option, 2015)
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ks that are them are
artial Risk nment or oject. The issued by cies. The inly in the
nt for one-rency and ns such as
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5.0 CASE
It is impoNigeria aothers:
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9
PP IN AFRICA
e look at somr from Lesoth
INANCE ANDPEBI, IKEJA, LA
me examples o. It is hoped
D DEVELOPMAGOS 5TH & 6
Case St
Nigeria
Transpo
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PITAL PROJEC7 APPENDIX I
Toll Road Con
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m of the Coast
s awarded to
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s for the execu
as funded, usm the State
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CTS – EMERG(CASE STUDIE
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ment of Lagos
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case studies, om these case
GING SOLUTES)
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n two phasesximately 50 kconcession pevolves constr
he Lekki Penin
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one from es among
IONS AT
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s. Phase I km of the eriod for uction of sular
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NANCE AND PEBI, IKEJA, LA
the form
n/a
The UNState. approxtoday wLagos Iroads iholed rblockedand hproducabove-produccosts foresultin
Lessonsconsultstudy) the Lekand, ascontracthe impprojectcommuneed feffectivfinanciaprovideneed fo
C with supporAkinpelu,
1-NIQS-WORK
DEVELOPMEAGOS 5TH & 6
m of a mezza
N has forecastGiven the p
ximately one with a daily trsland of abouin Lagos, charoad surfacesd or non-exist
high journeyctivity. Improvmentioned pr
ctivity of the cor both motorng in rapid dev
s learned to tation in the as during the
kki-Epe corrids a result, toct managemeportance of mt implementatuter frustratiofor agreed pve penalty real model to ed Value-for-mor LASG to hav
rt of UKaid thFNIQS, M
SHOP-JULY-20
ENT OF CAPI6TH JULY, 2017
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nine loan
t a populationpopulation of
million motoraffic flow betut 5,000,000 varacterized bys, nonfunctiontent drainage
times, higved road conroblems and citizens. Fuel r car owners avelopment of
date include:early phases
e constructiodor began to lling was sus
ent function wmanaging pubtion, as the pron with the performance s
egime; (v) theensure that
money and asve a transactio
rough the NigMRICS, MFM017-APPENDIX
TAL PROJECT7 APPENDIX I
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of 20 millionf the state, or vehicles artween the Lagvehicles. The y crumbling nal traffic lighe systems leadgh fuel conditions will hresult in timewould also b
and the Goverthe nation
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pended; (ii) twithin the Golic and investroject has beeperceived lackstandards thae need for LA
the project s a bid evaluaon advisory te
geria InfrastruM, mni hX-I-CASE-STUD
TS – EMERGI(CASE STUDIE
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n in 2020 for tit is estima
re stationed gos Mainlandpoor conditiosidewalks, ba
hts, poor signd to traffic consumption, ahelp in solvine-saving and ibe saved and rnment would
ortance of staect (during f
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LASG to have was afforda
ation tool; andeam
ucture Advisorhttp://niqs.orDIES.pdf
ING SOLUTIOES)
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the Lagos ted that in Lagos
d and the on of the adly pot-age, and
ongestion and low g all the ncreased thus the
d reduce,
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9
Case Stud
Lesotho
Health
Health
Concessi
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The projQueen Elprivate cfinancinghospital. operation
The Gocompetit(Pty) LimThe PPP was signperiod of
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ate consortiuare provider tlisted in theum also incy for LesothoAfri’nnai (20%pecialists and the Lesotho women’s inve
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um is led by hat has opera
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Commerce; pany.
S$100m. 80% ent and the
e capital strucdebt-to-equitypment Bank
m of pure equiconsortium mich is a Netcae finance from
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tho’s main hoct infrastructug, building, pnew 390- bedment, upgradi
an internatnd selected Tsts preferred and the conswas awarded
%), a leading h Africa and txchange (JSE%), an inveeneral practiy for Bloemfo0%), the inve
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cture (excludiy ratio of 85of Southern
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ospital, re. The artially public ng and
tionally sepong bidder.
sortium d for a
private the UK, E). The stment tioners ontein-stment 0%), a
al costs 0% will ing the :15. All
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for Nigeria ICramme. Ade7/07/PAPER-1
The IFC aIn additio(PRG) frotheir expfailing toprovide sGlobal Paof US$6.project, t
This is a will havtransactistructureroughly thus fit icost of thextra to bhospital; the YearpioneerinAfrican csupportin
Althoughdate incattractingstructurinhaving tocan also risk guarpaymentlocal andLesotho-for a proj
CRC with supewumi Akinp1-NIQS-WORK
acted as lead on, the Goveom the Worldpense, with o make the support to theartnership for.25m, which to augment th
pioneering sve strong pons. Expecte
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h the project clude: (i) the g competentng a financiallo increase thebe made morrantees fromts from the God regional stakbased GPs anject.
port of UKaidpelu, FNIQS, SHOP-JULY-20
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Infrastruccentury. The infrainfrastrucperformaThe typeneed to risk great
The impoprivate sinfrastructhrough the two private pbecomes
Energy a“Accordininvestmepromise will add melectricitygrid solut
REFEREFarlam,
Havas H
IFC . (20
Jeffrey,
NEPAD.
any Nr. 1052250
MARY
cture financinThis article e
astructure Gapcture. In exaance of PPP ines of risks andbe concernedt opportunitie
ortance of thsector agreecture • Assupayments ove• Return the
party may rets a win-win sit
alone providng to the Int
ent to achieveof Power Afrimore than 10y access by attions” (IFC , 20
ENCES P. (2005). AsInstitute of I
orizons. (201INTERNATIO
013). Africa P
G., Amadou,Washington
(2014). DakaSENEGAL: N
9
ng through PPxamines the Ap that exist in
amining the n Africa so far d case studiesd about mitigaes exist which
he private secs to undertame substantier the life of infrastructure
tain ownershituations for bo
e great inveternational En
e universal eleica be realized
0,000 megawat least 20 milli013).
ssessing PubInternationa
17). FINANCIONAL INVEST
PPPs. Handsh
, S., & Soumy Dc: Brookin
ar FinancingEPAD.
PP in Africa prAfrican Busin
n Africa were infrastructureand the trend
s of PPP wereating the risk will continue
ctor in infrastake the folloal financial, tthe contract e to public sep of the asseoth Parties (W
estment oppnergy Agencyctricity accessd. With an iniatts of cleanerion new house
lic–Private Pl Affairs.
ING AFRICA’STORS. Paris: H
hake, IFC's qu
ya, C. (2015)gs Institutio
summit for A
resents great ess environmhighlighted t
e gap, sectord to see how e further exawell ahead o
e to attract inv
tructure finanowing: • Detechnical, andfrom users, f
ector ownershet). This takes
World Bank, 20
ortunities iny, Sub-Saharas by 2030. Onitial set of sixr, more efficieeholds and co
Partnerships
S GROWTH OHavas Horizo
uarterly on P
. Financing An.
Africa's Infra
CoH
investment oment and the gto show the mral analysis winvestors in Amined to pro
of investmentvestors and fin
ncing is evidesign and bud operationafrom the publhip at the ends off a heavy 009)
Africa amoan Africa will nly with greatex partner counent electricitymmercial ent
in Africa. Pre
ON THE HORon.
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generation caities with on-g
etoria: The S
RIZON OF 202
e Private No.
structure: Ca
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