UK Export Finance (UKEF) has agreed to cover a £12.5mn export contract between project integrator Dints and a buyer in Angola, backing infrastructure and energy development in the country.
Under the deal, Apple Bank is providing financing to Portuguese developer MCA for the purchase of various types of equipment from London-based Dints.
The firm will procure vehicles, plant and machinery from UK manufacturers and supply these to MCA for infrastructure and renewable energy projects in Angola.
UKEF, the UK’s export credit agency, is covering Apple Bank’s non-payment risk through a bank loan guarantee.
UKEF’s chief executive Tim Reid says the deal will secure a “substantial export opportunity” for suppliers and help transform lives in Angola through improved access to critical infrastructure and renewable electricity.
Dints is a project integrator that brings together buyers, suppliers, logistics providers and funding partners.
Geoffrey de Mowbray, Dints’ CEO, says the integrator approach makes UK exports more accessible.
“By bringing together UK and international suppliers with the support [of] UKEF… suppliers are paid as if selling to their domestic markets while unlocking global opportunities,” de Mowbray says.
Over the past five years, Angola has frequently tapped the export finance market for infrastructure project funding.
Export credit agencies from the UK, Italy, Germany, Poland, South Africa have extended guarantees for projects including schools, roads, hospitals, and water infrastructure. The Export-Import Bank of the United States has also provided direct financing worth over US$2bn for solar and water projects in the country.
Still, there are currently concerns over heightened claims risks in several Sub-Saharan African markets, including Angola.
