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.