Healthcare for all: how Deutsche Bank is improving care for thousands in Africa
Deutsche Bank has arranged a 149 million euro loan for the Ministry of Finance and Budget of the Republic of Côte d’Ivoire to finance the construction of two new hospitals and their equipment in the country.
This project is part of the Ivorian National Health Development Plan to renovate the country’s health infrastructure to improve the quality and supply of healthcare services for its 31 million population.
The loan is a 7-year Islamic financing structure, benefitting from 95 percent insurance cover by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which provides Shariah-compliant risk mitigation insurance and reinsurance solutions. Around 84 percent of the population in Africa relies on public healthcare but the continent’s health resources are severely challenged. Factors including too few doctors, insufficient and deteriorated infrastructure, and the simultaneous rise in communicable and noncommunicable disease.
Located in the cities of Kong and Odienné, the two new hospitals will have a total of 377 beds. Before this project, Odienne, the capital of the Kabadougou region, only had a network of primary care centres to provide emergency and basic care, and a regional hospital that lacked new healthcare technology. Kong has a similar healthcare infrastructure.
“The two new hospitals are a big step forward in providing sufficient health coverage and critical access to high quality medical centres in the country,” said Myriam Ouazzani, Sub-Sahara Africa Coverage. “Our partnership with ICIEC for the financing of impactful infrastructures in Africa is key to promoting social development across the continent to significantly benefit local populations.”
Disclaimers and disclosures This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in the light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 11 March 2022 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.
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Deutsche Bank has arranged a 149 million euro loan for the Ministry of Finance and Budget of the Republic of Côte d’Ivoire to finance the construction of two new hospitals and their equipment in the country.
This project is part of the Ivorian National Health Development Plan to renovate the country’s health infrastructure to improve the quality and supply of healthcare services for its 31 million population.
The loan is a 7-year Islamic financing structure, benefitting from 95 percent insurance cover by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which provides Shariah-compliant risk mitigation insurance and reinsurance solutions.
Around 84 percent of the population in Africa relies on public healthcare but the continent’s health resources are severely challenged. Factors including too few doctors, insufficient and deteriorated infrastructure, and the simultaneous rise in communicable and noncommunicable disease.
Located in the cities of Kong and Odienné, the two new hospitals will have a total of 377 beds. Before this project, Odienne, the capital of the Kabadougou region, only had a network of primary care centres to provide emergency and basic care, and a regional hospital that lacked new healthcare technology. Kong has a similar healthcare infrastructure.
“The two new hospitals are a big step forward in providing sufficient health coverage and critical access to high quality medical centres in the country,” said Myriam Ouazzani, Sub-Sahara Africa Coverage. “Our partnership with ICIEC for the financing of impactful infrastructures in Africa is key to promoting social development across the continent to significantly benefit local populations.”
This is the second time Deutsche Bank has partnered with ICIEC to support healthcare projects in Côte d’Ivoire, after financing the construction of two regional hospitals and multiple medical units in 2020. It is also Deutsche Bank’s second large transaction with ICIEC in Sub-Saharan Africa and the first ICIEC-backed commodity Murabaha structure in the region.
For further information, please contact:
Deutsche Bank AG
Press & Media Relations
Mohanad Nahas
Phone: +971 (0) 4 3611 754
E-Mail: mohanad.nahas@db.com
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Disclaimers and disclosures
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in the light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 11 March 2022 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.