Angola

KfW and KfW IPEX-Bank comment on the financing of the export of brewery and beverage facilities to Angola

The business in question was closed in 2015. KfW IPEX-Bank financed the export of brewery and beverage facilities of a German manufacturer backed by credit insurance from the Federal Republic of Germany. The transaction is an export financing under a standard on-lending structure, in which a bank, in this case BPC (Banco de Poupanca e Credito), is the borrower and our contractual partner. We identify our contractual partner in accordance with applicable compliance guidelines and the requirements of the German Money Laundering Act (GWG) and the findings provided no grounds for objection to the financing. We could assume that BPC as the largest commercial bank of Angola with international payment operations, for its part, applies international standards of compliance.

In May 2020 police and public prosecutor’s office conducted investigations on this case at the premises of KfW IPEX-Bank. The bank will not comment on details due to the ongoing investigation. Of course KfW IPEX-Bank is cooperating with the investigating authorities.

Further information

Answer of the Federal Government to a Parlamentary question of the FDP parliamentary group on the topic "Lending to Angola" of 25 March 2020 (in German only)