Portuguese banking union finances 66ME water project in Angola’s Hula

A Portuguese banking syndicate will finance the construction of a water dam in the Angolan province of Huila, worth around 66 million euros, according to a presidential order.
The decree, to which we have access to, aims to secure financial resources for the construction of the Chicomba water dam, 1st phase, Estiagem, through a financing agreement between Angola and the banking syndicate made up of Banco BAI Europa and Banco Comercial Português, among other financial institutions.
The agreement provides for the financing of 85% of the value of the commercial contract and 100% of the guarantee commission from the Portuguese Export Credit Agency, Banco Português do Fomento.
Huíla, a province in the south of Angola, is one of the worst affected by the cyclical periods of drought that affect the country.

About Geraldine Boechat 2761 Articles
Senior Editor for Medafrica Times and former journalist for Swiss National Television. former NGO team leader in Burundi and Somalia