GovWire

• Loans to overseas buyers help to secure big contracts for UK exporters, who are paid as if they had a cash contract.

• Up to 8 million of subcontract work to be delivered by British businesses.

UK Export Finance (UKEF) has announced a 22 million direct loan to support the construction of a rural water supply project in the Quiminha region of Angola that will be delivered by British firms.

Delivered by Elecnor Servicios y Proyectos S.A.U. on behalf of Angolas Ministry of Public Works, this project will rehabilitate the Quiminha Dam and deliver new infrastructure for the storage and distribution of water. This will provide access to clean water for around 100,000 people in rural communities like Vila Catete, Vila Quiminha, Vila Lalama, Calumbunze and Camizunzo.?

The project is expected to improve living conditions and support economic development in the Quiminha region an important agricultural area by providing a reliable source of potable water that can also meet industrial and agricultural needs.

The UKEF loan secures new opportunities for UK exporters, which are expected to deliver around 8 million in UK subcontracts.

UK Minister for Africa Lord Collins of Highbury said:?

This ground-breaking deal will provide vital water management that will transform lives. ?

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.

Standard Chartered was mandated by the Ministry of Finance, Angola, as the sole Coordinator and Structuring Bank, Social Loan Coordinator and Mandated Lead Arranger.

Mustafa Sajjad Hussain, Executive Director, Structured Export Finance, Standard Chartered, said:

This financing in Angola aligns with the Banks 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.

Head of Export Finance, Natalia Gonzlez-beda at Elecnor Servicios y Proyectos 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.

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