Deutsche Bank Spain to continue supporting Angolan reconstruction

23 November 2006

Luanda, Angola, 23 Nov – The Angolan government and Deutsche Bank Spain Tuesday in Luanda restated their commitment to consolidating the economic relation set up four years ago, which have led to financing reconstruction projects in Angola.

According to Angolan news agency Angpop, the director-general of the bank, Ignácio Ramiro, said that the bank had financed over 40 projects with an overall value of US$500 million in the public works, construction and agricultural sectors.

Paixão Júnior, the chairman of the board of Banco de Poupança e Crédito (BPC), the bank managing Spanish investment, said that Deutsche Bank had provided US$635 million for 45 projects.

According to Júnior, the amount was used to support public investments in agriculture and fisheries, communication, water, public works, health and transport.

Júnior said that BPC in cooperation with other financial institutions, had already received US$924 million for public investments, of which 70 percent had been granted by Deutsche Bank, without oil guarantees.

The partnership is part of the government plan to find medium and long term loans to finance Public Investment Programs (PIP) without making use of oil. (macauhub)