(Ecofin Agency) - The Angolan government is considering contracting a $910 million syndicated loan to finance a drinking water supply project, Novo Jornal reported.

According to the media, the new borrowing program will target a group of international banks led by Hong Kong's Standard Chartered Bank. It aims to improve the supply of drinking water in the capital Luanda. Specifically, the new funds will be used to finance a 6km long pipeline that will be capable of supplying Luanda with water from the Kwanza River at a rate of 3 cubic meters per second.

This operation is part of the government's public investment strategy provided for in the national development plan for 2018-2022. To make up for the lack of financial resources, President Joao Lourenço (pictured) has in recent years multiplied borrowing operations on the international market.

BNP Paribas and Crédit Agricole Corporate and Investment Bank are also expected to participate in the operation. The new project’s completion will increase the percentage of Luanda's population with access to running water, currently estimated at only 44% of the country's total population.

Moutiou Adjibi Nourou