Deutsche Bank supports better infrastructure across Tanzania
Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) today announced the close of a 450 million euro 7-year lending facility to the Ministry of Finance of the United Republic of Tanzania, to finance approximately 50 identified infrastructure projects in the Republic’s 2022/23 budget.
Deutsche Bank acted as the sole coordinating Mandated Lead Arranger and a lender on the dual tranche loan comprising of a covered 300 million euro tranche fully underwritten by Deutsche Bank benefiting from a 95% insurance cover by the African Trade & Investment Development Insurance (ATIDI), previously known as the African Trade Insurance Agency (“ATI”), and a commercial 150 million euro tranche syndicated by Deutsche Bank. Banks in the syndication include: Absa Bank Limited (acting through its Corporate and Investment Banking division), Absa Bank (Mauritius) Limited and Societe Generale all acting as Mandated Lead Arrangers and Nedbank Limited London Branch acting as Lead Arranger.
The facility will be used to finance major infrastructure projects in Tanzania and benefits from a robust control system with the involvement of Tanzania’s Internal Auditor General to review and track the allocation of funds. KPMG has also been appointed to carry out agreed-upon procedures on the projects expenditures. Eligible projects include: the construction and improvement of roads, the construction of new hospitals and projects improving access to potable water and to electricity across various regions in the country.
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 to have been selected by the United Republic of Tanzania as their partner of choice on this facility to help fund a number of critical infrastructure projects in the country. The successful execution of both tranches within a relatively short timeframe since the start of the transaction is testimony to the bank’s ability to structure and execute complex and innovative financings in Sub-Saharan Africa. We are grateful to ATIDI for our close cooperation once again on the underwritten tranche.”
Manuel Moses, CEO ATIDI, said: “ATIDI is happy to support severable viable and impacting projects in Tanzania. As the largest DFI Insurer on the continent, ATIDI continues to play its pivotal role in supporting its member countries’ development plans and priorities. We are looking forward to discussing further transformational projects that will sustainably benefit Tanzania and its people.”
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.
In recognition of the bank’s role in supporting the African economy, Deutsche Bank received “Africa's Best Bank for Financing” Award by Euromoney Magazine during its 2023 Awards for Excellence cycle.
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 450 million euro 7-year lending facility to the Ministry of Finance of the United Republic of Tanzania, to finance approximately 50 identified infrastructure projects in the Republic’s 2022/23 budget.
Deutsche Bank acted as the sole coordinating Mandated Lead Arranger and a lender on the dual tranche loan comprising of a covered 300 million euro tranche fully underwritten by Deutsche Bank benefiting from a 95% insurance cover by the African Trade & Investment Development Insurance (ATIDI), previously known as the African Trade Insurance Agency (“ATI”), and a commercial 150 million euro tranche syndicated by Deutsche Bank. Banks in the syndication include: Absa Bank Limited (acting through its Corporate and Investment Banking division), Absa Bank (Mauritius) Limited and Societe Generale all acting as Mandated Lead Arrangers and Nedbank Limited London Branch acting as Lead Arranger.
The facility will be used to finance major infrastructure projects in Tanzania and benefits from a robust control system with the involvement of Tanzania’s Internal Auditor General to review and track the allocation of funds. KPMG has also been appointed to carry out agreed-upon procedures on the projects expenditures. Eligible projects include: the construction and improvement of roads, the construction of new hospitals and projects improving access to potable water and to electricity across various regions in the country.
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 to have been selected by the United Republic of Tanzania as their partner of choice on this facility to help fund a number of critical infrastructure projects in the country. The successful execution of both tranches within a relatively short timeframe since the start of the transaction is testimony to the bank’s ability to structure and execute complex and innovative financings in Sub-Saharan Africa. We are grateful to ATIDI for our close cooperation once again on the underwritten tranche.”
Manuel Moses, CEO ATIDI, said: “ATIDI is happy to support severable viable and impacting projects in Tanzania. As the largest DFI Insurer on the continent, ATIDI continues to play its pivotal role in supporting its member countries’ development plans and priorities. We are looking forward to discussing further transformational projects that will sustainably benefit Tanzania and its people.”
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
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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.
In recognition of the bank’s role in supporting the African economy, Deutsche Bank received “Africa's Best Bank for Financing” Award by Euromoney Magazine during its 2023 Awards for Excellence cycle.
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.