On April 12, Deutsche Bank announced the granting of a credit line of 57 million euros, with a duration of 10 years, to the Cart Group. This financing, guaranteed by the Italian Export Credit Agency (SACE) and the Development Bank of Angola (BDA), will be used to build a complete, fully automated and ready-to-operate soybean and sunflower processing plant.
The plant, located in Lobito, will be built by Italian company Andreotti Impianti Spa with the capacity to process up to 4,000 tons of soybeans or 2,400 tons of sunflower seeds per day, making it the largest of its kind in all of Africa.
The construction is expected to take about two years to complete and is estimated to generate about 300 direct jobs, in addition to thousands of indirect jobs related to the cultivation of soybeans and sunflowers.
This operation marks the first Individual Loan Agreement concluded under the Export Credit Framework Agreement, signed in May 2019 between Deutsche Bank, the ADB and the Ministry of Finance. The purpose of this agreement is to finance private investment projects in the country. The credit line, mobilized by the bank’s Structured Trade & Export Finance team for the Government of Angola, aims to boost agriculture, agro-industry, fishing and industries in general, in order to ensure a greater supply of goods, services and jobs, creating new opportunities for the population.
Alberto Andreotti, Managing Director of Andreotti Impianti, expressed his satisfaction by stating: “We are very proud to be part of one of the most ambitious industrial projects in Sub-Saharan Africa, contributing to the export of Italian technology and machinery in an extremely competitive market. This export financing agreement, organized by Deutsche Bank and guaranteed by SACE, will help support Angola’s economic development.”
Werner Schmidt, Global Head of Structured Trade Export Finance at Deutsche Bank, said: “With Deutsche Bank’s decades of experience in financing development projects in Africa, we are proud to support this project. This production facility contributes to the local economic transition, reducing dependence on commodity production and promotes the processing of higher value-added foods, thus reducing food imports and allowing the advancement of local economic activity in the value chain”.
Bernardo Attolico, SACE’s Business Director, added: “Made in Italy technology and know-how arrive again in Angola through this operation, which has the partnership of SACE and Andreotti, as well as Deutsche Bank, an established partner. We are one of the most active export credit agencies in Africa, and this operation illustrates how SACE successfully supports Italian companies, even in very complex projects.”
Patrícia D’Almeida, CEO of BDA, said: “We are very proud of this achievement. This plant represents a valuable contribution to the ongoing economic diversification process in Angola. We hope that similar initiatives will be implemented in the future.”
Source: Deutsche Bank Official Website