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.