UK Export Finance (UKEF) has pledged a €22 million direct loan to support the construction of a vital rural water supply project in Angola’s Quiminha region. This initiative, executed by Elecnor Servicios y Proyectos S.A.U. for Angola’s Ministry of Public Works, is set to transform the lives of approximately 100,000 people in rural communities by providing reliable access to clean water.
The project focuses on rehabilitating the Quiminha Dam and building infrastructure for water storage and distribution, directly benefiting communities in areas such as Vila Catete, Vila Quiminha, Vila Lalama, Calumbunze, and Camizunzo. Beyond improving living standards, the project is anticipated to spur economic development in Quiminha, a key agricultural region, by ensuring a stable water supply for both household and industrial needs.
According to a statement released by UK export Finance, UK exporters are poised to gain from this investment, with an estimated €8 million in subcontract work allocated to British businesses. The move underscores UKEF’s commitment to bolstering UK export opportunities while contributing to sustainable development abroad.
UK Minister for Africa, Lord Collins of Highbury, hailed the agreement, stating, “This ground-breaking deal will provide vital water management that will transform lives. 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, mandated by Angola’s Ministry of Finance, played a key role in structuring the loan. Mustafa Sajjad Hussain, Executive Director of Structured Export Finance at the bank, emphasized the alignment of the project with the bank’s mission to finance sustainable infrastructure: “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.”
Natalia González-Úbeda, Head of Export Finance at Elecnor Servicios y Proyectos S.A.U., expressed pride in the project, stating, “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.”
This loan represents UKEF’s ongoing support for British companies in securing international contracts while contributing to essential infrastructure development in emerging markets.
The Export Credits Guarantee Department, branded as UK Export Finance, is the export credit agency and a ministerial department of the Government of the United Kingdom.
Editor: Gabriel Ani
