Commonplace Chartered pronounces EUR 149 million of Social Mortgage financing for the Angolan Ministry of Finance to construct a brand new hospital in Kilamba, with a specialist burns ward. That is the federal government of Angola’s first Social Mortgage.
The financing is backed by Export Credit score Company (ECA) UK Export Finance[1] (UKEF) and ASGC UK Restricted[2] is the contractor answerable for managing the development work. Commonplace Chartered acted as sole Bookrunner, Authentic Lender, Facility Agent, Structuring Financial institution and Mandated Lead Arranger. The venture is being developed by the Angolan Ministry of Well being and includes the design, constructing and equipping of the hospital. It’s a part of the federal government’s Nationwide Improvement Plan for Angola 2018-2022.
Kilamba is a big residential space simply exterior of Angola’s capital of Luanda and the brand new hospital will assist present higher healthcare companies for town and surrounding areas. The hospital could have seven flooring and capability for 250 beds. Not solely will it boast a devoted unit for the therapy of burns however will provide common healthcare companies. These embrace accident and emergency, palliative care, common and paediatric clinics, surgical procedure, geriatric care, pathology companies, transfusion companies, a physiotherapy service, and an infection management and prevention. Commonplace Chartered structured the financing to totally adjust to the Social Mortgage Ideas[3] (SLPs) and the venture additionally contributes in the direction of assembly the United Nations’ Sustainable Improvement Objective 3[4], which pertains to making certain wholesome lives and selling well-being in any respect ages. Moreover, it aligns to environmental and social threat administration worldwide greatest practices.
Mustafa Sajjad Hussain, Structured Export Finance, Commonplace Chartered Financial institution, stated: “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.”
Tim Reid, newly appointed CEO of UK Export Finance, stated: “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.”
Commenting on the venture, Claudia Conceicao, CEO Commonplace Chartered Financial institution Angola S.A, stated: “Standard Chartered Bank’s purpose is rooted in our communities and underpinned by our brand promise to be “Here for good”. We recognise that communities in Angola and world wide want all of the assist that may be given in the direction of higher healthcare. The financing of the brand new hospital not solely advantages the neighborhood of Kilamba and surrounding areas but it surely acknowledges the efforts and sacrifice made by the healthcare professionals in the neighborhood, and demonstrates the hassle of the Authorities of Angola offering communities with amenities that guarantee higher healthcare companies for all.”
This transaction follows the latest announcement[5] of EUR 238 million of ECA-supported financing for the federal government of Angola to construct new infrastructure, supporting the nation’s agricultural trade and transport community. In September 2021, the Financial institution additionally introduced[6] US$ 1.1 billion financing to develop crucial water provide infrastructure to serve the Angolan capital Luanda.
[1] https://www.gov.uk/government/organisations/uk-export-finance
[2] https://www.asgcgroup.com/index
[3] https://www.lma.eu.com/application/files/1816/1829/9975/Social_Loan_Principles.pdf
[4] https://www.un.org/sustainabledevelopment/health/
[5] https://www.sc.com/uk/2022/12/01/standard-chartered-announces-eur-238-million-of-financing-to-build-agricultural-and-transport-infrastructure-in-angola/
[6] https://www.sc.com/en/feature/usd-1bn-financing-project-water-infrastructure-angola/
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