The United Kingdom through its Export Credits Guarantee Department (UKEF) has announced the finance of £140 million to support the development of projects that will provide electricity and enhance sustainable food supplies.
The projects are part of the Angolan government’s efforts to improve electricity supply and diversify economy. The funds will support Glasgow-based IQA Group to install new electricity infrastructure in the north of the country (£83M) and to enable an agricultural project delivered by Cambridge based Incatuk (£60M). The latter will contribute to reduce some US$1.5B spend on food imports yearly.
The project will connect around 7,000 homes to electricity through a project by the IQA Group. The company will upgrade sub-stations and build five new transmission lines in the Kwanza Norte Province of the country.
The UK Export Finance is the UK’s export credit agency. It exists to ensure that no viable UK export should fail for want of finance or insurance from the private market. It provides finance and insurance to help exporters win, fulfil and ensure they get paid for export contracts.