New Delhi: The UK Export Finance (UKEF) has approved a €22 million loan to support the construction of a rural water supply project in Angola, a UK government press release stated. The project, located in the Quiminha region, is expected to provide access to clean water for around 100,000 people in rural communities.
The UKEF loan will secure new opportunities for UK exporters, who are expected to deliver around €8 million in UK subcontracts, the release added. The project is expected to improve living conditions and support economic development in the Quiminha region, an important agricultural area in Angola.
Standard Chartered has been mandated as the sole coordinator and structuring bank for the loan in collaboration with the Ministry of Finance, Angola. This financing is part of Standard Chartered’s commitment to drive capital into areas that require sustainable infrastructure development across its markets.
The Executive Director of Structured Export Finance at Standard Chartered, Mustafa Sajjad Hussain, said, “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.”
The Head of Export Finance at UKEF, Natalia González-Úbeda at Elecnor Servicios y Projetos S.A.U., said, “We are extremely proud to continue contributing after 30 years to the development and clean growth of Angola in both the water and energy sectors. Thanks to our partners from UKEF and Standard Chartered for their support in our third transaction with UKEF in Angola, by investing in drinking water projects, we are not only ensuring access to clean water to the region but also underscoring our dedication to fostering economic growth and enhancing the quality of life in Angola.”