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• The UK government has issued guarantees which secure聽Standard Chartered Bank聽to聽arrange聽financing for聽a聽鈧�415 million contract between聽exporter聽Innovo聽Group聽and聽Angola

• The largest-ever sovereign transaction which UKEF has聽closed in Sub-Saharan Africa, this聽enables the delivery of critical infrastructure in Benguela Province, a coastal region of Angola vulnerable to flooding and poor聽drainage

• Over a third of the contract 鈥� more than 拢140 million 鈥� will be spent on UK goods and services, with聽British聽and Angolan communities alike to benefit from the聽deal

The UK聽has issued loan guarantees which allow聽British exporter聽Innovo聽Group to secure a聽鈧�415 million contract聽to deliver聽critical infrastructure projects in Benguela Province,聽a region聽in聽the west of聽Angola聽adjacent to the Atlantic Ocean.

The support has been issued through聽UK Export Finance (UKEF) 鈥撀爐he government鈥檚 export credit agency聽鈥撀燼nd means that聽projects will聽now聽go ahead to improve the region鈥檚聽potable聽water聽supply, storm drainage, sanitation, roads, public lighting, and commercial infrastructure.聽This includes the municipalities of Benguela, Ba铆a Farta, Catumbela and Lobito.

Comprising 23 individual聽projects, the programme聽is expected聽to support 11,000聽local聽jobs聽across聽a range of sectors including聽construction聽over the next five years.

During the聽UN鈥檚 COP28 climate change summit, UKEF announces the deal as an example of the role played by international trade in supporting聽global adaptation against climate change and extreme weather.聽

Benguela Province is a coastal region vulnerable to flooding and poor drainage.聽UKEF鈥檚聽support聽allows the Angolan government to finance聽Innovo聽Group鈥檚聽contract聽using funds arranged by Standard Chartered Bank, as聽Structuring and聽Coordinating聽Bank, Bookrunner聽and Mandated聽Lead聽Arranger.聽

This allows聽the聽Benguela province to benefit from聽new聽water supplies,聽stormwater channels聽and聽drainage networks聽aimed at reducing the risk and impact of flooding聽and other climate related events.

The projects聽will聽generate a direct spend of over 拢140 million on UK exports聽which are expected to support a water聽supply and drainage projects,聽road rehabilitation聽and community facilities.

Andrew Mitchell,聽UK聽Minister for Development and Africa said:

This ground-breaking deal will provide critical infrastructure that will change lives and reaffirm our commitment to building mutually beneficial partnerships as we prepare for the UK-African Investment Summit next year.聽聽

Our partnership with Angola is long-standing, and this funding will provide huge benefits to the people of Benguela province, including new water supplies and protection from the harsh impacts of climate related events including flooding.

By teaming up to tackle climate change now, we are creating a more resilient and sustainable future聽- it is clear that we can go far when we go together.

Paul Woodman, CEO of Innovo Projects,聽said:

We are delighted to have secured this most important project that will have a hugely positive impact for the people and communities of the Benguela province, as well as making the region more resilient to the impacts of climate change. This is the third contract we have secured in Angola with the support of聽UK Export聽Finance聽and we would like to thank all stakeholders, including the Ministry of Public Works & Housing, for their cooperation in bringing this project to fruition.

Faruq Muhammad, Global Head of聽Structured Export Finance聽at Standard Chartered Bank, said:聽

We鈥檙e proud to be聽the Angolan government鈥檚聽long-standing banking partner聽once more聽to bring about聽social, cultural and economic聽positive change聽for thousands of people in the聽Benguela Province, with improved infrastructure, water supply and building renovations.

Innovo聽Group聽will also deliver projects which support the development of the local economy, including聽road rehabilitation works, renovation of historic buildings, andthe聽construction of a fish market in Benguela City for聽traders聽who currently聽work outdoors without refrigeration.聽聽

This聽follows the export credit agency鈥檚 announcement in January of support for Innovo (then trading as ASGC UK) to build a聽specialist聽burns hospital in聽Angola鈥檚 capital city, Luanda.

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