According to a statement sent to VerAngola, ATI "supported Deutsche Bank with comprehensive non-payment insurance coverage, insuring the bank against non-payment by the Government of Angola of the loan granted to the Ministry of Finance to finance the construction and rehabilitation of an Angolan national road".
Thus, the ATI loan, adds the note, will be used to finance the rehabilitation of the EN230 between Muamussanda (Lunda Norte) and Saurimo (Lunda Sul), in a length of 267 kilometers (Lots 6 to 9). In addition, "it includes the construction of the new circular bypass of Saurimo in a length of 39.5 kilometers (Lot 10), thus totaling 306.5 kilometers in total".
"The infrastructure project is a priority for the Government of Angola and is of great importance in terms of development, as it will facilitate trade and improve the transport and logistics network in a geographically strategic corridor", reads the note, which also mentions that this is part of "a corridor of 1100 km, which constitutes the main axis of the Metropolitan Region of Luanda" and will increase access to the port of Luanda, while serving "at the same time as an auxiliary route to the Caminho-de -Iron of Luanda".
According to the note, the Ministry of Finance, through a statement, expressed "its appreciation for the support and collaboration of ATI in the rehabilitation EN230: Section Malanje - Saurimo, in particular", and for the coming benefits that will result from the adhesion of Angola to ATI.
"The EN230: Section Malanje - Saurimo is a strategic investment for the construction of road infrastructure for provincial interconnection that will allow the connection between the north and east of the country for a better dynamism in the movement of people and goods. The project was prioritized by the Executive and is included in the National Development Program (PND) 2022-2027 of the Angolan Executive. With the execution of this project, it will be possible to leave the country's capital and travel to the easternmost part of the country and perhaps to the border with the Republic of Zambia. With the completion of the works, air transport will no longer be the only means of travel in that region and we intend to solve the problem of desertification of the population", reads the statement.
Quoted in the note, Maryam Khosrowshahi, Co-Head of Africa Coverage, Head of Public Sector Debt Capital Markets at CEEMEA and President of Global SSA at Deutsche Bank, said the bank "is proud of the multifaceted history of their relationship" with Angola and the Ministry of Finance, adding that they feel "honored" for having been chosen as a "partner of choice for this initiative".
"We are honored to have been selected as the partner of choice for this very important infrastructure development initiative. In addition, we would like to thank ATI for our partnership and support on this occasion, which led to a successful execution. As part of the country's commitment to its economic reform agenda, we continue to cooperate closely on a series of priority funding operations with high social and/or sustainability impact, paving the way for lasting change for the people of Angola. Deutsche Bank has continued to be at the forefront of structuring innovative finance on the African continent in recent years," said Maryam Khosrowshahi.
In his turn, Manuel Moses, executive director of ATI, referred that the company was "confident that this project was viable", since the Angolan Government "had once again emphasized its commitment to this project as a priority".
Thus, he added: "ATI, as the largest DFI insurer on the continent, continues to play its fundamental role in supporting strategic infrastructure projects in its member countries and will continue to support the Republic of Angola in its efforts to improve infrastructure and promote sustainable economic growth".
According to the statement, the said project is the "first financing initiative in Angola to benefit from first-loss coverage provided by ATI".
