Deutsche Bank, SACE partner to support infrastructure projects in Ghana
Deutsche Bank announced the closing of two lending facilities with the Republic of Ghana. The €150 million financing agreements, guaranteed by the Italian Export Credit Agency SACE, will fund the construction and equipment of two major infrastructure projects to be led by two Italian contractors relying on the expertise and technical excellence of over forty Italian SME suppliers.
The projects, the Keta Water Supply Rehabilitation and Expansion Project and the New Takoradi Market, are part of the Ghanaian government’s extensive infrastructure development programme designed to strengthen economic growth and create job opportunities, while assuring better living conditions for a rapidly growing population. Since 2011, Deutsche Bank has arranged over €2 billion of financing across 20 transactions to support critical infrastructure development in Ghana.
Werner Schmidt, Global Head of Structured Trade Export Finance (STEF) at Deutsche Bank said, “Deutsche Bank has a longstanding presence in Africa and we are proud to be a leading export finance partner for Ghana. We remain committed to supporting infrastructure projects that have a positive impact on communities and which contribute to long-term economic growth.”
“We are proud to be part of these two major projects, which, thanks to the expertise and supplies of many Italian SMEs, will have a positive impact on local communities,” said Dario Liguti, Chief Underwriting Officer of SACE. “Africa and Ghana in particular represent an important ground for these type of projects and we are very pleased to have once again contributed to the success of “Made in Italy” in a complex environment, in which the role of a risk mitigator and business facilitator that SACE can play is decisive.”
Deutsche Bank and SACE have a well-established track record of working together to support major infrastructure projects across Ghana. In 2018, the two organisations supported a 45.6 million euro contract for the construction of the University of Environment and Sustainable Development in Somanya, in the Eastern Region. The newly established university, commissioned in August 2020, is set to create 2,400 jobs in Ghana and will have a material impact on the national economy, supporting social development in a country that sources 20 percent of its GDP from the agricultural sector.
In 2019, Deutsche Bank and SACE also arranged the financing of another important infrastructure contract for the modernisation of four hospitals in the eastern region of the country for €45 million.