Deutsche Bank supports Benin’s Sustainable Development Goals in landmark financing benefiting from African Development Bank support
Deutsche Bank today announced the close of a 350 million euro 12-year lending facility to the Ministry of Economy and Finance of the Republic of Benin to support the country’s Sustainable Development Goals (SDG).
Deutsche Bank acted as sole Arranger on the loan. The transaction marks the first-ever financing structured in Sub-Saharan Africa benefiting from a first loss guarantee from the African Development Fund (ADF), the concessional window of the African Development Bank (AfDB), and second loss insurance from the African Trade & Investment Development Insurance (ATIDI).
The facility will be used to finance key eligible environment, social and governance projects in Benin under the Republic’s SDG Bond Framework with a Second Party Opinion (SPO) from Vigeo Eiris (V.E), part of Moody’s ESG Solutions, to support the United Nation’s SDG 2030 Agenda. The financing will go towards a range of projects including health infrastructure, water and sanitation, renewable energy, education, tourism and the fight against coastal erosion.
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 would like to thank our partners at the Ministry of Economy and Finance of Benin, the ADF, the AfDB, ATIDI and all other involved parties for their trust in Deutsche Bank on this landmark transaction. Together we have put in place a financing that should yield real developmental impact in Benin for a number of years, and with an innovative structure that we hope will become the benchmark for similar transactions on the continent.”
Irina Dudkina, Head of CEEMEA Structuring (GEM) at Deutsche Bank, said: “Through this collaboration with AfDB and ATIDI we have managed to develop a structure that could be used to support the financing needs of other African countries aimed at promoting their environmental, social and governance agenda.”
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.
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Deutsche Bank today announced the close of a 350 million euro 12-year lending facility to the Ministry of Economy and Finance of the Republic of Benin to support the country’s Sustainable Development Goals (SDG).
Deutsche Bank acted as sole Arranger on the loan. The transaction marks the first-ever financing structured in Sub-Saharan Africa benefiting from a first loss guarantee from the African Development Fund (ADF), the concessional window of the African Development Bank (AfDB), and second loss insurance from the African Trade & Investment Development Insurance (ATIDI).
The facility will be used to finance key eligible environment, social and governance projects in Benin under the Republic’s SDG Bond Framework with a Second Party Opinion (SPO) from Vigeo Eiris (V.E), part of Moody’s ESG Solutions, to support the United Nation’s SDG 2030 Agenda. The financing will go towards a range of projects including health infrastructure, water and sanitation, renewable energy, education, tourism and the fight against coastal erosion.
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 would like to thank our partners at the Ministry of Economy and Finance of Benin, the ADF, the AfDB, ATIDI and all other involved parties for their trust in Deutsche Bank on this landmark transaction. Together we have put in place a financing that should yield real developmental impact in Benin for a number of years, and with an innovative structure that we hope will become the benchmark for similar transactions on the continent.”
Irina Dudkina, Head of CEEMEA Structuring (GEM) at Deutsche Bank, said: “Through this collaboration with AfDB and ATIDI we have managed to develop a structure that could be used to support the financing needs of other African countries aimed at promoting their environmental, social and governance agenda.”
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.