The government of Angola has bagged a US $232M deal that is set to finance in advancing ProÁgua water infrastructure project. The agreement was signed by Angola’s Ministry of Finance as the sovereign borrower, with export credit guarantees provided by Bpifrance Assurance Export and Swiss Export Risk Insurance (Serv).
The flagship initiative is aimed at modernizing the country’s water systems and expanding access to safe drinking water. The project will be executed by a consortium comprising Switzerland’s Mitrelli Group and France’s Suez International.
The financing package consists of two elements: a US $30M commercial loan covering the government’s 15% contribution, and an US $198M ECA-backed buyer’s credit representing the remaining 85% of the project’s total cost.
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ProÁgua program
According to a joint statement by Mitrelli and Suez, the arrangement demonstrates “a robust and de-risked structure for infrastructure investment in emerging markets.” HSBC acted as coordinating and mandated lead arranger as well as facility agent, taking the lead in originating, structuring, and executing the financing while ensuring efficient disbursement and repayment mechanisms.
Bpifrance provided full export credit insurance for the transaction, enabling Angola to secure long-term financing on competitive terms, while Serv supported the deal through reinsurance cover. The two agencies’ collaboration also facilitated the participation of both French and Swiss exporters in the project. This marks the first time Bpifrance has issued export credit insurance based on direct commitments from a Swiss EPC contractor outside France.
Under the ProÁgua program, Angola plans to upgrade and expand water supply infrastructure in Luanda and Icolo e Bengo provinces, benefiting more than nine million residents. Currently, only about 34% of the rural population in Angola has access to safe drinking water.
Key works include the rehabilitation of four major water treatment plants, construction of two decentralized compact units, installation of six desalination systems and 15 boreholes, and deployment of smart metering and digital management systems. Angola’s public water utility will oversee on-the-ground implementation. A second phase of ProÁgua is already being discussed to extend clean water access nationwide, reinforcing Angola’s long-term goal of achieving universal water coverage.
