Heat oven to 350°F. Grease bottom only of two 8x4-inch loaf pans with shortening; lightly flour (or spray bottoms of pans with cooking spray; do not flour).
In medium bowl, stir flour, baking soda, salt, cinnamon and nutmeg until mixed; set aside.
In large bowl, beat 2 cups sugar and the butter with electric mixer on medium speed 1 to 2 minutes or until creamy. Add eggs, one at a time, beating well after each addition. Beat in water and pumpkin on low speed. Add flour mixture; beat on low speed about 1 minute or until moistened. Stir in 1 cup of the chocolate chips. Spread evenly in pans. Sprinkle tops with remaining 2 tablespoons chocolate chips, the pecans and 2 teaspoons sugar.
Bake 1 hour 5 minutes to 1 hour 15 minutes or until toothpick inserted in center comes out clean. Cool in pans 10 minutes; remove from pans to cooling rack. Cool completely, about 1 1/2 hours.