A first of its kind for Angola: Deutsche Bank signs a 1 billion euro credit line to boost private sector investment
Deutsche Bank, through the Structured Trade & Export Finance team, has arranged a 1 billion euro credit line to finance private investment projects in Angola. Arranged at the request of the Government of Angola and guaranteed by its Ministry of Finance, the credit facility will be distributed through five Angolan banks with credit decisions remaining with Deutsche Bank.
This new financing line will focus on agriculture, agro-industry, fishing and general industries with three objectives:
- to guarantee a greater supply of goods, services and employment for the population by supporting private projects in the relevant industries.
- to improve the country's balance of payments by supporting projects which help to reduce imports and / or promote export-related initiatives, and
- to have a positive impact on the lives of Angolans.
To receive financing the projects must meet these three criteria.
The project, which includes all Deutsche Bank regions (Asia, Europe and America), was led by the Structured Trade & Export Finance team in Madrid which has a longstanding relationship with Angola. This dates back to 2003, when Deutsche Bank signed the first credit line with the Ministry of Finance of Angola, which the Angolan government used to finance public projects in construction and civil infrastructure, the agriculture and food industry, as well as sanitation and telecommunications.
Deutsche Bank is the first bank to arrange a private credit line of this kind in the country.
Ignacio Ramiro, Head of Structured Trade & Export Finance for Deutsche Bank Spain, said: “With this operation we are seeking to support the private sector as a driver of positive impact on Angolan society. Deutsche Bank’s long relationship with Angola includes supporting 3 billion euros of public sector projects. Now it is time to continue this relationship and also involve private sector initiatives. Angola’s rapid transformation is creating exciting opportunities for global companies looking to partner and invest there.”
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