Global law firm Norton Rose Fulbright has advised the Ministry of Finance of Angola on the financing of commercial contracts for the design, construction and operations of three hospitals and two power substations in Angola, securing UK Export Finance (UKEF) support worth more than US$500m.
Led by Standard Chartered Bank, approximately US$430m is allocated to support a contract between Angola’s Ministry of Health and international construction firm ASGC UK to build three new hospitals – two in Luanda and one in Cabinda. These new hospitals will create more than 500 new hospital beds and provide much-needed healthcare to heavily populated areas of Angola, including specialised mother and child care, and a haematology unit.
The upgrading of two power substations in Viana and Gabela, which was led by HSBC and guaranteed by UKEF, will take place over the course of two years, significantly reducing North West Angola’s dependence on oil-generated power.
Madhavi Gosavi, banking and projects partner in the London office of Norton Rose Fulbright, comments:
“This was a unique and complex transaction. It is the first time UKEF, the UK’s export credit agency, has supported projects in Angola, including its first direct loan to the Ministry of Finance in Angola. The power project will have a transformative effect on the region’s power network, giving improved access to electricity to thousands of Luanda’s residents and industry in the region, which will in turn support economic growth and development. The hospitals transaction signifies Angola’s commitment to improving access to healthcare and quality of life in the country.
“Having worked with the Angolan government as a firm for 40 years, we are pleased to see this progress which demonstrates the potential for future investment opportunities in Angola.”
Dentons advised Standard Chartered Bank and HSBC on both transactions.
The Norton Rose Fulbright team was led by partner Madhavi Gosavi, with support from associates Katja Loncaric and Jessica Melville.
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