Deutsche Bank has announced a €135mn loan agreement, financing a contract between Damen Shipyards and the government of the Bahamas for a fleet renewal and port facilities enhancement programme.
A spokesperson for the bank confirms that the agreement falls under insurer Atradius’s Dutch State Business NVs Export Credit Guarantee (ECG) scheme, which aims to provide guarantees and insurance for Dutch exports. Dutch shipyard operator Damen built coast guard patrol vessels for the Bahamas, as well as providing supplementary equipment and services.
“This was [Deutsche’s] first ECG transaction and we are glad to be able to add another product to our trade finance offering for Dutch exporters,” the spokesperson tells GTR.
Deutsche were unable to confirm the terms of the deal, but according to managing director at Atradius Dutch State Business, Bert Bruning, the bank benefitted from the state-guarantee. “[Deutsche] offered competitive terms and conditions to the government of the Bahamas,” he says.
“The ECG is a major financing tool that is providing us with the support we need to achieve our export goals and build on our success in the Americas,” adds Damen’s chief executive, René Berkvens.