Luanda: President Joo Louren§o has authorized the signing of a financing agreement worth 140.7 million US dollars for the construction of new buildings for the faculties and institutes of Agostinho Neto University (UAN), located in Luanda.
According to Angola Press News Agency, this decision is outlined in a presidential decree dated January 9. The financing agreement is set to be established between Angola and the German financial institution Deutsche Bank, with the Spanish Export Credit Agency (CESCE) providing coverage. The credit is intended to finance 77.30% of the commercial contract's value, as well as the entirety of the CESCE insurance premium.
The decree also permits a second financing agreement of 38.5 million US dollars. This second agreement is to finance parts of the contract not eligible for CESCE coverage, amounting to 22.70% of the commercial contract and including the entirety of the Risk Mitigation Commission.
The need for these financial resources is attributed to the implementation of the UAN Faculties and Institutes Building Construction and Equipping Project, which corresponds to phase 1. This project is part of a broader effort to expand and modernize education in Angola, which is crucial for the country's social, economic, cultural, technological, and scientific development.
The decree further notes that this decision has been made in light of the current state of deterioration and insufficiency of the infrastructure housing UAN's various faculties and institutes. The inadequate state of these facilities has been affecting the normal functioning of teaching and research activities, as well as compromising the safety and health of the facilities.
