UK Export Finance Greenlights €22 Million Loan for Major Water Supply Initiative in Angola

In a significant move, the UK Export Finance agency has unveiled a €22 million direct loan aimed at revolutionizing access to clean water for approximately 100,000 individuals in Angola's Quiminha region. This ambitious initiative, spearheaded by the utility giant Elecnor Servicios y Proyectos S.A.U. under the auspices of Angola's Ministry of Public Works, will focus on overhauling the Quiminha Dam and establishing advanced infrastructure for efficient water storage and distribution.

The endeavor is set to transform rural areas such as Vila Catete, Vila Quiminha, Vila Lalama, Calumbunze, and Camizunzo, ensuring a steady potable water supply. Beyond its humanitarian impact, the project is poised to bolster the region's economic growth by fulfilling industrial and agricultural water demands.

For British exporters, this project represents a golden opportunity. British firms are slated to secure around €8 million in subcontracts, signaling a significant boost in export opportunities as they contribute to this transformative venture.

"This ground-breaking deal will provide vital water management that will transform lives," said UK Minister for Africa Lord Collins of Highbury. "Our partnership with Angola is strong, and this funding will provide huge benefits, including new water supplies and protection from the harsh impacts of climate-related events, including drought. By teaming up to tackle climate change now, we are creating a resilient and sustainable future - it is clear that we can go far when we work together."

Mustafa Sajjad Hussain, Executive Director for Structured Export Finance at Standard Chartered, strongly supported the deal. His institution, entrusted by Angola's Ministry of Finance, is tasked with orchestrating the financial arrangements for this impactful project.

"This financing in Angola aligns with the Bank's commitment to drive capital into areas that require sustainable infrastructure across our markets, allowing us to make a positive difference across our geographies and communities," he said.

This agreement marks the second significant green financing initiative from UK Export Finance (UKEF) in recent weeks. Previously, UKEF joined forces with Poland's export credit agency to secure a €249 million loan guarantee for a proposed 390MW solar energy project in Turkey.