Alongside the 3rd German African Business Summit 2019, which opens today in Accra, Ghana, Deutsche Bank is proud to announce the closing of three major transactions with the Ministry of Finance (“MOF”).
Since 2012, Deutsche Bank has arranged over 1.3 billion euros of financing related to infrastructure development in Ghana and each of the three transactions announced today will continue to support this critical development here.
Simon Sayer, Deutsche Bank’s Global Head of Structure Trade & Export Finance (“STEF”) said: “We have a proud history in supporting infrastructure development across the African continent. Today, utilizing our market leading structuring and arranging capabilities, we have once again shown our ability to provide unique, cost effective solutions for our key clients.”
He added, “We are excited about the positive impact these transactions will have to help support economic growth and development here.”
The first transaction, a 92 million euro financing package, relates to a contract between Contracta Construction UK Limited and the Ministry of Local Government and Rural Development in Ghana for the construction of a new phase of the Kumasi Market development, for which Deutsche Bank was the sole mandated lead arranger and sole bank lender.
The second, a 25 million euro financing package, relates to a contract between Ellipse Projects SAS France (UK) Limited and the Ministry of Health for the completion and equipping of the Bekwai District Hospital. Deutsche Bank was mandated by the MOF as sole lead arranger, agent and lender.
The third transaction, of which Deutsche Bank acted as sole structuring bank and as sole lender on the financing package, relates to a social infrastructure development. Dubbed the “the 4 hospitals project”, the combined 45 million euro financing agreement is dedicated to the financing of a supply contract between Contracta Costruzioni Italia Srl and Ghana’s Ministry of Health for the modernization and equipping of selected existing health facilities in Ghana including the Tetteh Quarshie Memorial Hospital, Kibi District Hospital, Aburi Hospital and Atibie Hospital. The transaction follows the Italian Export Credit Agency “SACE” financing arranged in 2017 relating to the construction of the University of Environmental and Social Development in the Somaya region of Ghana. It confirms how social infrastructure is high on the agenda of the government of Ghana in the context of Ghana’s Millennium Development Goals.
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’s targeted approach in Africa has supported clients to build profitable and sustainable businesses that contribute to positive developmental outcomes in Africa. The bank is committed to supporting sustainable infrastructure projects that can have a positive impact on the region.
Since 2012, Deutsche Bank has a strong record in Africa supporting sovereign, quasi-sovereign and corporates borrowers in their growth enhancing plans. From Debt Capital Markets to Emerging Market financing and Structured Export Finance, the bank covers a wide range of product, with dedicated expertise helping develop bespoke and unique financing structures.