Deutsche Bank has won three TXF Export Finance Deals of the Year 2025 awards. The wins, which will be recognised at an awards ceremony on 11 June at the Global 2026: Export, Agency & Project Finance conference in Prague, saw the bank recognised for its involvement in three structured trade and export finance (STEF) deals:

• Export Finance Water Deal of the Year: Ministry of Finance of Angola
• Export Finance Commodity Trader Deal of the Year: Metinvest
• Export Finance Rail Deal of the Year: Ministry of Treasury and Finance, Turkey

The awards come against the context of a strong performance from the wider export finance market in 2025. TXF’s Export Finance Data Report FY 2025 reveals that 538 deals were made in 2025, with year-on-year volumes rising by US$51.3bn to $190.8bn – see Figure 1. This amount falls just shy of the record volume seen in 2023.

Figure 1: Overall volume and value of ECA deals in 2025
Source: TFX´s Export Finance Data Report FY 2025

Transport accounted for the highest volume by sector (19%), with renewables in second place with 16% market share. Volumes in the ‘power’ industry saw a threefold rise (US$22.2bn for 2025) – the report noting this is “a testament to the increasing role ECAs are playing in energy security and transition”.

Europe was the most active region, with year-on-year volumes accounting for some 46% of the total global market. Africa was the only region to nearly double by volume, with three large deals accounting for a healthy segment of the continent’s export credit agency (ECA) business.

Commenting on the award wins Moritz Doernemann, Deutsche Bank’s Global Head of Structured Trade & Export Finance noted, “These results are testament to the hard work of our team and the trust that our clients and the wider STEF community place in Deutsche Bank.”

He continued, “We are very proud to be contributing to these important projects that are helping to boost infrastructure, reflecting our commitment to financing progress in developing economies”.

Export Finance Water Deal of the Year: ProÁgua project, Ministry of Finance of Angola –Bpifrance Covered Facility

Deutsche Bank was recognised for its role as co-mandated lead arranger, as part of a financing agreement for the ProÁgua project in Angola. A total loan of €225.9m (total facilities amount), comprised of a €193.7m export credit facility, supported by Bpifrance Assurance Export, with reinsurance provided by the Swiss Export Risk Insurance, and a tied commercial loan of €32.2m was provided by a syndicate of banks to the Ministry of Finance of Angola.

The proceeds will go towards the modernisation of water infrastructure in the province of Luanda, on the country’s west coast, and the neighbouring province, Icolo e Bengo. ProÁgua will modernise water supply systems across the two provinces, providing clean drinking water to an estimated nine million inhabitants, among other benefits.¹

Export Finance Commodity Trader Deal of the Year: Metinvest – Finnvera Covered Financing

Deutsche Bank was recognised for its role as sole arranger, original lender and agent on a €23.6m financing for Metinvest Group’s Northern Iron Ore Enrichment Works plant, located in Kryvyi Rih, Ukraine.

The financing, which marks Metinvest’s first ECA-covered loan facility since the onset of the Russia-Ukraine war, will be covered by Finnvera, Finland’s export credit agency.

Funds will support the purchase of equipment from Finnish industrial manufacturer Metso to modernise the plant’s enrichment waste‑thickening process, reducing water content and lowering the overall volume requiring storage. The plant is one of Metinvest’s flagship iron ore extraction and processing facilities.

The project aims to enhance the operational capacity and sustainability of the plant, helping sustain industrial activity and jobs in Ukraine amid a challenging operating environment.

Export Finance Rail Deal of the Year: Hassa-Dörtyol Highway and Railway Tunnel – EKN Covered Financing

Deutsche Bank was recognised for its role as a mandated lead arranger in a €1.5bn financing package provided to Turkey’s Ministry of Treasury and Finance to support a transformative infrastructure project in the country’s south.

As part of a consortium of eight banks led by Société Générale, Deutsche Bank is providing €440m towards the construction of a 25km dual purpose railway and highway tunnel in Hatay Province, a region severely affected by a series of earthquakes in February 2023.

Deutsche Bank financing consists of €330m earmarked for a facility covered by Swedish ECA EKN (100% over a 21 year-tenor), with €110m in commercial facility (10-year tenor).

The ‘Hassa-Dörtyol’ project will see the construction of a 25km highway and railway tunnel between the cities of Hassa and Dörtyol in Hatay, Turkey’s southernmost province, while also connecting the Port of İskenderun with key industrial zones.

The project is expected to significantly strengthen regional logistics, trade, and earthquake resilient infrastructure.

Read more about the deal here.

Sources

¹ See PROÁGUA – Water Infrastructure & Management Program at mitrelli.com