Standard Chartered boosts Angola water project

Standard Chartered said on Monday that it had arranged $1.1 billion of financing to the Angolan government for a water supply project that will serve its capital Luanda.

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The funding is made up of two loans – a $910 million facility supported by a partial World Bank guarantee, and $165 million backed by France’s export credit agency.

The project aims to improve access to drinking water for the capital’s over 2 million residents.

The financing will be used for investments in water production, transmission, and distribution facilities, including a water treatment plant, storage facilities, and new networks, Standard Chartered said in a statement.