UK Export Finance (UKEF) has provided a loan guarantee worth up to £573 million ($761 million) to support infrastructure development in Angola’s Benguela Province, located on the country’s Atlantic coast, the export credit agency said in a notice dated 2 May 2025.

UK-based Innovo Projects is executing the construction contract commissioned by Angola’s Ministry of Public Works and Spatial Planning.

UKEF’s support allows the Angolan government, through Ministry of Finance, to finance Innovo Group’s contract using funds arranged by Standard Chartered Bank, as Structuring and Coordinating Bank, Bookrunner and Mandated Lead Arranger

The project involves the development, construction, and rehabilitation of 22 sub-projects across Benguela located west of Angola. The works span four key categories:

  • Water infrastructure, including water supply systems, drainage, and flood risk management;
  • Transport infrastructure, involving road rehabilitation, construction of pedestrian bridges and crossings, and improved stormwater drainage;
  • Public buildings, focusing on the façade restoration of historic and culturally significant structures;
  • Community facilities, including new marketplaces, public leisure areas, and beachfront enhancements.

A key aim of the project is to provide critical infrastructure rehabilitation in order to improve the living conditions for communities, reducing the risk and impact of flooding and other climate related events.

(Writing by SA Kader; Editing by Anoop Menon)

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