- £130m in government funding will be provided to the Angolan Ministry of Finance in order to facilitate the construction of a new specialist burns hospital just outside its capital city
- 40% of the value of the project will be fulfilled by UK suppliers, supporting jobs and businesses across the UK
- 250-bed facility with a dedicated ward for the treatment of burns will be built with the support of UKEF, Standard Chartered Bank and Lloyds Bank
The UK's export credit agency, UK Export Finance, today announces it is providing £130m in support for the construction of a new specialist burns hospital in Kilamba, Angola.
The deal between UKEF and the Angolan Ministry of Finance, supported by Standard Chartered Bank and Lloyds Bank, will bolster trade ties between the UK and Angola. The terms of the deal mean that 40% of the project will be fulfilled by UK suppliers - totalling over £50m in potential export opportunities for domestic businesses.
The contract has been awarded to ASGC UK Limited. They will be acting as the management contractor and will be responsible for securing the 40% of UK exports which will include building materials, electrical equipment and medical supplies.
Tim Reid, newly-appointed CEO of UK Export Finance, said:
This support shows once again the leading role the UK plays when it comes to exporting world-leading expertise in project development and medical equipment. Working with the Angolan government and Standard Chartered Bank, we are proud to demonstrate how British ingenuity can enhance healthcare for communities abroad whilst helping UK businesses export their best-in-class goods and services.
Mustafa Sajjad Hussain, Structured Export Finance, Standard Chartered Bank, said:
This is another in a long line of financing we have structured for the Angolan Ministry of Finance and arranged with UKEF, showing we are a trusted partner. We're very proud to help support a project that makes such a difference to local communities by providing improved healthcare services.
Paul Woodman, Managing Director of ASGC UK, said:
During 2022, we successfully handed over three new hospitals to the Ministry of Health - also supported by UK Export Finance - and we are honoured that the same client has entrusted us to deliver another important healthcare facility for the people of Angola.
The UK government support will bolster the city and surrounding region's response to burns victims and improve overall medical capacity in the region. The project is part of the Angolan government's National Development Plan for 2018-2022. The hospital will be a seven-floor, 250-bed facility with a dedicated ward for the treatment of burns, as well as general healthcare provision, including accident and emergency, palliative care, pathology services, infection control and prevention and general, geriatric and paediatric clinics. The hospital is expected to open after a five-year construction project.
UKEF assists international partners with project financing on major development projects in return for an agreed minimum UK content being guaranteed. In this way, UKEF activates the UK supply chain by connecting overseas project sponsors and buyers with UK exporters.
Three Angolan hospitals have previously been developed with support from UKEF, including the General Hospital of Cabinda, the Mother and Child Hospital of Camama and the Hematology Pediatric Hospital in Luanda, Angola's capital city. In addition to this new development, these three projects will open up over 550 beds and provide improved outpatients consultation, inpatient treatment, intensive care facilities and diagnostic capability in the region. The construction involved over 60 suppliers and subcontractors from the UK.
This announcement builds on recent UKEF commitment to Africa:
- UKEF commits up to £4bn to strengthen UK and Morocco trade ties (November 2022)
- £170 million finance deal to boost British construction firms in Africa (October 2022)
- UK signals West African expansion at Africa Investment Conference (January 2022)
Notes
About UK Export Finance (UKEF)
UK Export Finance is the UK's export credit agency. We advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer.
UKEF will provide a direct loan and bank guarantee to Angola's Ministry of Finance to support this deal.
The role of Standard Chartered Bank in this deal is: Agent, Book runner, Structuring bank and Mandated Lead Arranger.
The role of Lloyds Bank in this deal is: Mandated Lead Arranger.
About Standard Chartered Bank
We are a leading international banking group, with a presence in 59 of the world's most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges. For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
