Angolan Ministry of Finance
Export & Agency Finance
Investec partners with Angolan government, agencies and international banks in the building of three key hospitals in Angola
Investec Export and Agency Finance have successfully closed a EUR34m commercial facility with the Angolan Ministry of Finance, which will part-finance three hospitals in Angola, for a total project cost of EUR225m. Investec worked closely with Export Credit Insurance Corporation of South Africa (ECIC) and Unicredit S.p.A, the lead arranger of the facilities including facilities supported by Italy’s export credit agency, Servizi Assicurativi del Commercio Estero (SACE).
About the project
The project involves the building of a 17,200m2, 200-bed facility in Huambo, a 10,112m2, 100-bed facility in Luena and a 9,970m2 100-bed facility in Cabinda – with VAMED, a global leader in the provision of hospitals and healthcare facilities. The hospitals are expected to be completed within five years, with EUR14m in South African exports envisaged to be realised through the intra-African trade transaction.
“The Government of Angola is committed to strengthening partnerships to accelerate initiatives aimed at improving health in Angola and the building of these three hospitals will play a strong role in helping to address the ongoing challenges of providing sufficient coverage and addressing access to high-quality health centres,” says Dorivaldo Teixeira. Director General, Public Debt Management Unit, Angolan Ministry of Finance.
“In addition, the shortage of qualified personnel will also be addressed through VAMED’s commitment to a two-year joint hospital management process, once each facility is built, working with the hospital teams to ensure the facilities are operated optimally.”
Teixeira adds that Angola’s chief challenge in healthcare lies in the management of diseases such as malaria, a leading cause of death, illness and absenteeism. “Malaria accounts for approximately 35% of curative care, 20% of hospital admissions, 40% of perinatal deaths and 25% of maternal mortality,”.
Angolan hospital funding: export finance in action
Export Finance is a unique source of funding to enable crucial socio-economic development in Africa. In this podcast, Investec’s Brian Irvine and Chris Mitman talk about the financing of three key hospitals in Angola as a prime example of the important role export finance has to play in meeting the Sustainable Development Goals (SDGs).