Media Release June 29, 2021

Deutsche Bank and Investec arrange financing to revitalise Ghana’s railways

Deutsche Bank and Investec in partnership with Swedish Export Credit Agency (EKN), Swedish Export Credit Corporation (SEK) and Export Credit Insurance Corporation of South Africa (ECIC) today announced the signing of an agreement to finance the construction of a 100km stretch of Ghana’s  Western Railway Line, running from Takoradi Port to Huni Valley.

The project is part of the Republic of Ghana’s initiative to expand and develop its rail network infrastructure, updating the route to make it safer and faster while providing an alternative to less environmentally friendly modes of transport, such as haulage trucks and private cars.

The 600 million euro financing consists of two loans in favour of Ghana’s Ministry of Finance. Deutsche Bank acted as mandated lead arranger (MLA) for both loans.

The first, backed by EKN and fully arranged by Deutsche Bank, is a 523 million euro loan covering the bulk of the cost. The second is a 75 million euro commercial loan arranged and structured by Investec to cover the down payment on the EKN-backed financing. It is backed by ECIC and funded by a syndicate of Investec Bank Ltd, Rand Merchant Bank, a division of FirstRand Bank Limited, Nedbank Limited (London branch) and Sanlam life Insurance Limited (acting through its Sanlam Capital Markets division).

Engineering, Procurement and Construction (EPC) contract of the project will be carried out by Amandi Investment Ltd with Bluebird Finance & Projects Ltd acting as lead financial advisor for the EPC.

Hon. Ken Ofori-Atta, Minister of Finance for the Republic of Ghana, said: “This project is part of Ghana’s railway infrastructure plan and has been earmarked for implementation by government and will be the single biggest railway investment by the country, post-independence. The Western Railway line is key to the haulage of agricultural produce and minerals from the middle belt to Takoradi Port in the south of Ghana. The completion of the line will boost economic activities along the corridor and will reduce cost and time of transporting goods and passengers between the two ends.”

Werner Schmidt, Global Head of Deutsche Bank’s Structured Trade & Export Finance said: “This deal is the latest in a long line of Deutsche Bank projects in Ghana, helping the government improve the country’s infrastructure. This transaction will finance part of the Western Railway Line, which will help strengthen Ghana’s economic growth by increasing both freight and passenger connectivity between the different regions in the country but also serves transportation of different mineral deposits. The new standard gauge line will create job opportunities, help the environment and improve community safety by reducing the number of vehicles on the roads. The loan is structured with a strong focus on international environmental and social standards”.

The involvement of EKN and SEK reflects the significant number of Swedish sub-suppliers participating in the project, with the Export Credit Agencies’ backing helping secure a highly favourable borrowing rate. Malin Tegner Larsen, Senior Underwriter at EKN comments, “EKN's mission is to enable financing of the purchase of Swedish high-quality service and equipment. It is particularly rewarding that EKN has participated in this important project.”

Working with Investec on the commercial loan, Mandisi Nkuhlu, COO ECIC, said that: “ECIC is delighted to support Investec in arranging the finance for this transaction and in doing so secure significant export contracts and jobs for South Africa as well as intra African trade.”

This transaction is one of a number of recent major infrastructure financings for Investec in Ghana involving the support of African based EPC contractors with export credit supply chain financing solutions, with two further projects currently in financial close in the health and transportation sectors.

For further information please contact:

Deutsche Bank AG

Media Relations                                          
Mohanad Nahas
Phone: +971(4) 3611-754


Investec Bank

Media Agency

Claudia Smith

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.

Last year, for the second year in a row, Deutsche Bank has been named Best Foreign Investment Bank in Africa at the EMEA Finance Magazine’s African Banking Awards in its 2020 cycle. Furthermore, in recognition of its integral role in supporting the African economy, the jury also named Deutsche Bank the Best Foreign Investment Bank in Angola, Cote d’Ivoire, Gabon and Niger.

About Investec

Investec partners with private, institutional and corporate clients, offering international banking, investment and wealth management services in two principal markets, South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8 200+ employees.

Investec has a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. Investec’s current market capitalisation is approximately £3 billion.

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.

Investec Corporate and Institutional Banking (referred herein as “Investec”) is a division of Investec Bank Limited registration number 1969/004763/06, an Authorised Financial Services Provider (11750), a Registered Credit Provider (NCRCP 9), an authorised Over the Counter Derivatives Provider, and a member of the JSE. Investec is committed to the Code of Banking Practice as regulated by the Ombudsman for Banking Services. Copies of the Code and the Ombudsman's details are available on request or visit Investec COBP

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 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 20 March 2020 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from

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