Deutsche Bank finances a major infrastructure project in Angola
Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) today announced the close of a 305 million US dollar 10-year lending facility to Angola’s Ministry of Finance, which will support the construction and rehabilitation of a major infrastructure project in the Republic. The loan, which benefits from 95 percent insurance cover by the African Trade Insurance Agency (“ATI”), will finance the EN230 road project.
Through its Africa Coverage, Emerging Markets Structuring and Trust and Agency Services teams, Deutsche Bank acted as Sole Mandated Lead Arranger, Original Lender and Facility Agent on the transaction which represents the first ever financing benefitting from a first loss cover from the African Trade Insurance Agency in the country.
The EN230 project is part of a broader national development plan aimed at enhancing the country's transportation infrastructure. With its geographical positioning in the Atlantic Ocean and the presence of mineral-rich landlocked countries around it, Angola has the potential to become a major logistics hub for Southern Africa.
Called “EN230 road financing”, the project will increase connectivity between the capital Luanda and one of the country’s most challenged provinces, improving access to the port of Luanda and Luanda Railway. It is a priority project for the Government, as it will facilitate trade and improve the transportation and logistics network in a geographically strategic corridor.
Maryam Khosrowshahi, Co-Head of Africa Coverage, Head of CEEMEA Public Sector Debt Capital Markets, and Chair of Global SSA at Deutsche Bank said: “We are proud of the multifaceted history of our relationship with The Republic of Angola and the Ministry of Finance, and are honoured to have been selected as their partner of choice on this very critical infrastructure development initiative. In addition, we wanted to thank ATI for our partnership and their support on this occasion, leading to a successful execution. As part of the country’s commitment to their economic reform agenda, we continue to cooperate closely on a number of priority financing transactions with high social and/or sustainability impact, paving the way for lasting change for the people of Angola. Deutsche Bank remains at the forefront of structuring innovative financings on the African Continent in the past few years.”
Manuel Moses, CEO, ATI said: “ATI is proud to support this strategically important project which the Government of Angola identified as a priority that supports its efforts to diversify the economy. ATI, as the largest DFI Insurer on the continent, continues to play its pivotal role in supporting strategic infrastructure projects in its member countries and will continue to support the Republic of Angola’s efforts to enhance infrastructure and foster sustainable economic growth. I also take this opportunity to thank DB for their consistent support and commitment to the continent as experienced by our joint projects over the years.”
Over the past 20 years, Deutsche Bank has a well-established track record of supporting infrastructure projects across different sectors in Angola. Most recently, the bank provided a 57 million euro loan to finance a fully automated soybean and sunflower crushing plant in Lobito, which will be the largest of its kind in Africa. This transaction was concluded under the Framework Export Credit Agreement (FA) signed in May 2019 between Deutsche Bank, Banco de Desenvolvimento de Angola (BDA) and Angola’s Ministry of Finance (MoF) to fund private investment projects in the country.
Since opening a representative office in Cairo in 1959, Deutsche Bank has strongly contributed to financing the development of infrastructure across the African continent. The bank uses its expertise in structuring and arranging financing to help countries access the traditional global capital markets and other alternative pools of liquidity.
Deutsche Bank has well over 200 staff providing banking services to our clients on the African continent. We have teams situated in our branch in Johannesburg, South Africa and representative offices in Lagos, Nigeria and Cairo, Egypt. In addition, there are a number of coverage bankers and product specialists based in our regional hub for the Middle East & Africa, Dubai and other global hubs including Frankfurt, London and Geneva (amongst others), that provide banking services to clients and individuals domiciled on the continent.
Last year, Deutsche Bank has been named Best Foreign Investment Bank in Angola, Gabon, Ghana and Rwanda at EMEA Finance Magazine’s African Banking Awards in its 2022 cycle. Prior to that, Deutsche Bank was named Best Foreign Investment Bank in Africa for three years in a row for the years 2021, 2020 and 2019 by the same publication.
Disclaimers and disclosures
Deutsche Bank AG, Dubai (DIFC) Branch is a branch of Deutsche Bank AG located and registered in the Dubai International Financial Centre (DIFC) in the Emirate of Dubai, United Arab Emirates, with registered no. 00062. Principal place of business in the DIFC: Dubai International Financial Centre, Gate Village, Building 5, PO Box 504902, Dubai, United Arab Emirates. Deutsche Bank AG, Dubai (DIFC) Branch is regulated by the Dubai Financial Services Authority (“DFSA”) and is authorized to provide Financial Services to Professional Clients only, as defined by the DFSA.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in the light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 11 March 2022 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.
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Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) today announced the close of a 305 million US dollar 10-year lending facility to Angola’s Ministry of Finance, which will support the construction and rehabilitation of a major infrastructure project in the Republic. The loan, which benefits from 95 percent insurance cover by the African Trade Insurance Agency (“ATI”), will finance the EN230 road project.
Through its Africa Coverage, Emerging Markets Structuring and Trust and Agency Services teams, Deutsche Bank acted as Sole Mandated Lead Arranger, Original Lender and Facility Agent on the transaction which represents the first ever financing benefitting from a first loss cover from the African Trade Insurance Agency in the country.
The EN230 project is part of a broader national development plan aimed at enhancing the country's transportation infrastructure. With its geographical positioning in the Atlantic Ocean and the presence of mineral-rich landlocked countries around it, Angola has the potential to become a major logistics hub for Southern Africa.
Called “EN230 road financing”, the project will increase connectivity between the capital Luanda and one of the country’s most challenged provinces, improving access to the port of Luanda and Luanda Railway. It is a priority project for the Government, as it will facilitate trade and improve the transportation and logistics network in a geographically strategic corridor.
Maryam Khosrowshahi, Co-Head of Africa Coverage, Head of CEEMEA Public Sector Debt Capital Markets, and Chair of Global SSA at Deutsche Bank said: “We are proud of the multifaceted history of our relationship with The Republic of Angola and the Ministry of Finance, and are honoured to have been selected as their partner of choice on this very critical infrastructure development initiative. In addition, we wanted to thank ATI for our partnership and their support on this occasion, leading to a successful execution. As part of the country’s commitment to their economic reform agenda, we continue to cooperate closely on a number of priority financing transactions with high social and/or sustainability impact, paving the way for lasting change for the people of Angola. Deutsche Bank remains at the forefront of structuring innovative financings on the African Continent in the past few years.”
Manuel Moses, CEO, ATI said: “ATI is proud to support this strategically important project which the Government of Angola identified as a priority that supports its efforts to diversify the economy. ATI, as the largest DFI Insurer on the continent, continues to play its pivotal role in supporting strategic infrastructure projects in its member countries and will continue to support the Republic of Angola’s efforts to enhance infrastructure and foster sustainable economic growth. I also take this opportunity to thank DB for their consistent support and commitment to the continent as experienced by our joint projects over the years.”
Over the past 20 years, Deutsche Bank has a well-established track record of supporting infrastructure projects across different sectors in Angola. Most recently, the bank provided a 57 million euro loan to finance a fully automated soybean and sunflower crushing plant in Lobito, which will be the largest of its kind in Africa. This transaction was concluded under the Framework Export Credit Agreement (FA) signed in May 2019 between Deutsche Bank, Banco de Desenvolvimento de Angola (BDA) and Angola’s Ministry of Finance (MoF) to fund private investment projects in the country.
For further information, please contact:
Deutsche Bank AG
Press & Media Relations
Mohanad Nahas
Phone: +971(0) 4 3611 754
E-Mail: mohanad.nahas@db.com
About Deutsche Bank in Africa
Since opening a representative office in Cairo in 1959, Deutsche Bank has strongly contributed to financing the development of infrastructure across the African continent. The bank uses its expertise in structuring and arranging financing to help countries access the traditional global capital markets and other alternative pools of liquidity.
Deutsche Bank has well over 200 staff providing banking services to our clients on the African continent. We have teams situated in our branch in Johannesburg, South Africa and representative offices in Lagos, Nigeria and Cairo, Egypt. In addition, there are a number of coverage bankers and product specialists based in our regional hub for the Middle East & Africa, Dubai and other global hubs including Frankfurt, London and Geneva (amongst others), that provide banking services to clients and individuals domiciled on the continent.
Last year, Deutsche Bank has been named Best Foreign Investment Bank in Angola, Gabon, Ghana and Rwanda at EMEA Finance Magazine’s African Banking Awards in its 2022 cycle. Prior to that, Deutsche Bank was named Best Foreign Investment Bank in Africa for three years in a row for the years 2021, 2020 and 2019 by the same publication.
Disclaimers and disclosures
Deutsche Bank AG, Dubai (DIFC) Branch is a branch of Deutsche Bank AG located and registered in the Dubai International Financial Centre (DIFC) in the Emirate of Dubai, United Arab Emirates, with registered no. 00062. Principal place of business in the DIFC: Dubai International Financial Centre, Gate Village, Building 5, PO Box 504902, Dubai, United Arab Emirates. Deutsche Bank AG, Dubai (DIFC) Branch is regulated by the Dubai Financial Services Authority (“DFSA”) and is authorized to provide Financial Services to Professional Clients only, as defined by the DFSA.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in the light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 11 March 2022 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.