Angola: Deutsche Bank funds road reconstruction

23 April 2008

Luanda, Angola, 23 April – Angolan company Lumege – Sociedade Comercial this year plans to build a beer factory and mineral water bottling plant in the city of Saurimo in Lunda Sul province, the company has said.

A statement from the Ministry cited by newspaper Jornal de Angola said that funding would be used by the Angolan National Roads Institute (INEA), an entity responsible to the Public Works Ministry, to import goods and services from Spanish company CCL Peninsular, of the Eurofinsa group.

The Spanish subsidiary of Deutsche Bank is set to provide 225 million euros over a period of eight years and this will be the biggest transaction within the framework of a Memorandum of Understanding signed in 2003 between the Finance Ministry and Deutsche Bank.

The financing agreement, which began with an initial credit line of US$50 million, makes Deutsche Bank the only agent of a significant numbers of financing deals, totalling over 800 million euros.

The loans have been used for various infrastructure projects in Angola, including work in the transport, water and health sectors, covering supply contracts with several European countries. (macauhub)