Standard Chartered on Monday announced that it had secured $1.1 billion in financing for the Angolan government’s water supply project in the capital Luanda.
The money comes from two sources: a $910 million loan backed by a partial World Bank guarantee and a $165 million loan secured 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.
By supporting key infrastructure projects in South Luanda, the project will help enhance access to cost-effective water, health, and education services while also increasing hygiene and availability of safe water in more underprivileged areas.
The project will also assist the development of human capital through improved health outcomes and also strengthen the resilience of Luanda’s water delivery system to climate shocks.