The African Development Bank Group andMota-Engil AfricaA construction and infrastructure firm has entered into a deal for a €120 million non-sovereign Partial Credit Guarantee in Abidjan.
Pedro Oliveira Sá, the Executive Director and CFO of Mota Engil Africa, signed the agreement on behalf of his company at the Bank Group's headquarters. Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialization, also signed the document. Representatives from Cygnum Capital and Deutsche Bank were present at the signing, both in person and through video conference.
This deal represents the Bank Group's initial direct assistance to an Engineering, Procurement and Construction firm in Africa. The guarantee, which will back a €170 million Sustainability-Linked Loan from Deutsche Bank AG, will help Mota-Engil Africa improve its financial standing, extend its debt duration, and carry out a series of projects. These will involve transport infrastructure, environmental services, water and sanitation systems, and energy-efficient civil works across more than a dozen African nations. Cygnum Capital served as the financial advisor for Mota-Engil. Ashurst, Baker McKenzie, and Vieira de Almeida provided legal counsel to the African Development Bank, Deutsche Bank, and Mota Engil, respectively.
Vice President Quaynor stated: "This agreement marks a major advancement in our initiatives to utilize guarantees in order to attract and facilitate affordable and suitable commercial funding for Africa's development, in accordance with President Ould Tah's vision outlined in the African Development Bank's four key priorities. Collaborating with Deutsche Bank, we are supporting Mota-Engil Africa to provide sustainable infrastructure that will promote inclusive growth, employment opportunities, and resilience."
Manuel Mota, the Chairman of Mota-Engil Africa, stated: "This significant agreement with the African Development Bank and Deutsche Bank represents a pivotal moment for Mota-Engil Africa, reinforcing our position as a leader in Africa's development and demonstrating our capacity to implement daring, creative financial and operational strategies that enable sustainable infrastructure on a large scale. The Partial Credit Guarantee extends beyond just financial stability, it reflects the AfDB's trust in our vision and its dedication to speeding up pioneering projects that transform connectivity, promote inclusive growth, and establish new global standards for sustainability."
Maryam Khosrowshahi, Managing Director, Chair of Global SSA and Head of Sub-Saharan Africa Coverage at Deutsche Bank, stated: "We are deeply honored and proud to back Mota-Engil Africa and the Mota Engil Group, in collaboration with the African Development Bank, on this significant deal. Deutsche Bank is dedicated to financing initiatives that foster the region's sustained growth, and we are happy to witness this transaction facilitate the development of crucial infrastructure throughout the continent. We especially appreciate the emphasis on well-defined sustainability Key Performance Indicators for this funding, which we consider a vital component in achieving tangible results and promoting enduring progress."
Projects carried out will be in line with the company's Sustainability-Linked Financing Framework, which aims to enhance health and safety performance, boost the number of women in leadership roles, and improve local job creation and skill development.
The initiative corresponds to the Bank's High 5 priorities, specifically "Industrialise Africa" and "Improve the quality of life for the people of Africa," and supports the Bank Group's Ten-Year Strategy goals of promoting rapid inclusive green growth and building thriving, resilient economies.
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