Deutsche Bank has been mandated by the Ministry of Economy and Finance of the Republic of Côte d’Ivoire to finance the construction and equipment of two new regional hospitals as well as five new medical units in five hospitals in the country, together with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Against a backdrop of the most severe health crisis in recent history, the project is an important milestone which will support the Republic’s current efforts to contain the COVID- 19 pandemic. The project is also part of the government’s National Development Plan for 2016-2020, which the International Monetary Fund (IMF) and the World Health Organization (WHO) both support.
The two new hospitals, one located in Adzope (105km north of Abidjan) and the other in Aboisso (120km east of Abidjan), will collectively have a capacity of around 400 beds and will significantly improve the availability of healthcare services in each region using state of the art equipment.
In addition, the project will finance five new medical units in five hospitals across the country. They include a radiotherapy center in Abengourou, an emergency unit each in Daoukro and Seguela, a traumatology center in Toumodi, and a surgery and emergency unit in Bouna.
With a total financing value of 142 million euros, the project is already underway, with two new regional hospitals expected to be completed in October 2020.
Construction work is being carried out by Agentis International, a Moroccan-based company which specialises in health infrastructure with an existing successful track record in Côte d’Ivoire. The company is using local labourers, therefore also creating jobs.
“Deutsche Bank is deeply committed to supporting sustainable development projects in Africa”, said Claire Coustar, Deutsche Bank’s Head of Emerging Markets Structuring and the Institutional Client Group for Central and Eastern Europe, Middle East & Africa. “We are proud to partner with the ICIEC, enabling the Ivorian population to access a better healthcare system and helping Côte d’Ivoire achieve its National Development Plan targets. Furthermore, as the coronavirus crisis continues to be felt all around the world, the transaction is testament to how much our clients appreciate our advice and financial solutions in difficult times and acts as an example of how Deutsche Bank can help both clients and communities increase critical health infrastructure for years to come.”
In response to the ongoing pandemic, ICIEC has increased the availability of credit and political risk insurance to sustain imports of strategic commodities, investment protection, and to minimize volatility – and backing strategic projects with strong developmental impacts. CEO of ICIEC Oussama Kaissi states, “The unprecedented health impact of the pandemic is a human tragedy. Of course, these are compounded by the deep economic effects just beginning to be felt as a result of heightened uncertainty, risk, and the rapid deterioration in business confidence and activities. In these times, cooperation is more important than ever and ICIEC is very pleased to be partnering with Deutsche Bank for the first time on a project in Africa. ICIEC remains focused on facilitating critical investments and trade transactions, supporting the well-being and livelihoods of Member Country citizens”.