Global law firm Norton Rose Fulbright has advised the Ministry of Finance of the Republic of Angola in relation to the c. $1billion financing for the development of the Bita water production, transmission and distribution facilities and system in South Luanda. The project is being implemented by EPAL on behalf of the Ministry of Energy and Water of the Republic of Angola.
The financing is structured under two facilities co-ordinated by Standard Chartered Bank – (i) a c. $900m facility agreement with Lead Arrangers Standard Chartered Bank, BNP Paribas, CACIB, Societe Generale and Credit Suisse and partially guaranteed by the International Bank of Reconstruction and Development and partially insured by the African Trade Insurance Agency, and (ii) a c. $170m facility lead by Standard Chartered Bank which will be used to finance certain design build contracts with the support of BpiFrance Assurance Export.
The Bita water plant will be one of the largest drinking water plants on the African continent and will provide a particularly innovative boost to the modernisation of the water sector and to the development of Greater Luanda. By supporting critical infrastructure investments in South Luanda, the project is directly contributing to expanding access to cost-effective water, education and health services. The project will also deliver significant enhancement of safe water supply and hygiene conditions in poor urban and urbanising neighbourhoods of Greater Luanda, which will support the development of human capital through improved health outcomes. The project will also improve the resilience of Luanda’s water supply system to climate shocks.
Madhavi Gosavi, partner, Norton Rose Fulbright, comments:
“We congratulate Angola, the World Bank, the Africa Trade Insurance Agency, the lenders and the other stakeholders on achieving this significant milestone on a project which is so critical for the country. As a direct result of their commitments to this project, 2 million Angolans will benefit from access to drinkable water. This is a generational change for the people of Luanda. Norton Rose Fulbright is proud to have advised the Republic of Angola on such a challenging and exciting project.”
The team advising on the transaction was led by London-based partner Madhavi Gosavi, assisted by senior associate Jessica Melville and associates Temi Adetugbo and Salvador Mazza. Partner Alexandre Roth from the Norton Rose Fulbright Paris office advised on the facility guaranteed by BpiFrance.