Standard Chartered arranges $1.1 bln financing for Angola water project

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.

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. 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.