Deutsche Bank and the Ministry of Finance for Angola, represented by the Minister of Finance, José Pedro de Morais, signed a loan agreement for a road reconstruction project in Luanda, Angola’s capital.
The loan is being used by Angola’s INEA National Roads Institute, part of the Ministry of Public Works, to import goods and services from the Spanish company CCL Peninsular, part of the Eurofinsa Group.
Deutsche Bank SAE Madrid acted as sole arranger and agent on the loan which has a value of EUR 225m and an eight year tenor. The loan carries partial support from the private market.
This loan is the largest transaction to date within a framework agreement signed between Deutsche Bank and the Ministry of Finance in Angola in 2003. The loan agreement – which started with an initial USD 50m line of credit with no ceiling limit - has seen Deutsche Bank act as sole arranger and lender on a number of high-profile structured trade finance loans amounting to over EUR 800m. The loans have been used to finance various infrastructure projects, including work in the transport, water and health sectors in Angola, supporting supply contracts from various European suppliers.
Of the loan, Ignacio Ramiro, head of Structured Trade & Export Finance at Deutsche Bank in Spain said, “We are proud of this example of using trade finance techniques to help Angola's financial recovery. Certainly, our framework agreement has been a crucial factor in the country’s reconstruction efforts and has helped Angola to develop stronger relationships with the wider international finance community. There’s a way to go, but the country is rapidly moving to emerging market status.”
Minister of Finance, José Pedro de Morais, commented, "These loans were a decisive first step towards a 'normal' relationship with the international finance community. Namely before the agreement with the Paris Club creditors these loans allowed the implementation of critical supply contracts that otherwise would face delays and difficulties with prejudice for the national reconstruction process."
*A photo of the signing event is available upon request by the media.
For further information, please call:
Elaine Bartleet + 44 (0) 207 545 4907
Press and media relations
Oonagh Baerveldt + 44 (0) 207 547 1605
Press and media relations
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,291 employees in 76 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank provides current information via several social media platforms. Follow our Tweets, view current videos and photos or subscribe to our news updates using your preferred channel. more