Project description
On September 25th, 2025, the Multilateral Investment Guarantee Agency (MIGA) issued a Trade Finance Guarantee (TFG) of up to EUR206.8 million to Deutsche Bank AG of Germany (DB), covering its short-term trade loan facility to the Government of Angola. The MIGA guarantee provides the lender with coverage against the risk of non-payment by the Government of Angola, and covers 95% of the principal and interest due under DB’s trade loan.
The MIGA-covered facility will be used to provide short-term loans for trade-related payments, aimed mainly at supporting imports in the food, agriculture and healthcare sectors. The tenor of each loan to be made under the facility is up to one year.
Environmental Categorization
The MIGA-covered facility will support short-term trade payments to suppliers of the Government of Angola. These transactions pose minimal environmental and social (E&S) risks and impacts and as such, the overall portfolio risk is considered low. The project has thus been categorized as ‘FI-3’ under MIGA’s Policy on Environmental and Social Sustainability (2013).
The applicable E&S requirements for this project are the MIGA Exclusion List and applicable E&S laws in Angola. DB will be responsible for screening the transactions. DB will also be required to comply with the labor standards set forth in MIGA Performance Standard 2: Labor and Working Conditions.
Development Impact
The Project is expected to help the Government of Angola unlock new liquidity for trade finance transactions essential for economic development, at a time when the country is facing tight financing conditions. With the MIGA-supported facility, Angola would be able to access trade finance loans at more affordable rates to maintain critical trade activities, which are key to achieving inclusive growth, including essential food, agriculture and healthcare imports. The Project is also expected to contribute to maintaining market resilience for government-backed trade finance transactions, thereby improving investors’ confidence.
The Project is aligned with the priorities set under the MIGA’s FY24-26 Strategy and Business Outlook, as it will support the expansion of trade finance (a new product innovation for MIGA). The Project is also consistent with MIGA’s crisis response strategy, of providing countercyclical support in times of crisis.
