German Bank DEG opens regional office in Abidjan
The German bank DEG, a subsidiary in charge of the private sector of KfW, the German development agency, opened on 30 November a regional office in Abidjan, the fourth on the African continent after Johannesburg, Nairobi and Accra.
DEG, with an investment portfolio of 8.3 billion euros, of which 2.1 billion is devoted to Africa, finances both private companies, financing institutions and investment funds in developing countries, development and emerging markets according to Célestin Tanoh, the head of the Abidjan office. It intervenes via long-term financing of up to 15 years, mezzanine financing (an alloy of debt and capital) and equity.
The institution focuses on “all productive sectors”, however prioritizes the agribusiness and manufacturing and energy sectors. The strengthening of DEG’s presence on the continent comes at a time when Germany is increasingly interested in Africa.
In June 2017, Germany launched the “Compact with Africa” initiative to mobilize funding for the development of the region. The Abidjan office will cover all Francophone countries in West and Central Africa.
Source: Financial Afrik