Angolan municipal area of Lobito receives US$5 billion in investments this year

12 January 2007

Lobito, Angola, 12 Jan – More than US$5 billion are to be invested this year in the Angolan municipal area of Lobito, said the area’s administrator Amaro Ricardo during a meeting of the Port Management Association of Western and Central Africa (PMAWCA).

According to newspaper Jornal de Angola, of this figure over US$1 billion would be used to build three new cement factories (around US$350 million each), in the Lobito municipal area, in Benguela province, while US$3.5 billion would be used to pay for a new oil refinery.

Ricardo also mentioned the reconstruction of the Benguela railroad (CFB) and the construction of new inter-provincial roads.

Ricardo noted that the Egipto-Praia area, located in the North of Lobito, was the largest green lobster breeding area in the world and in his opinion was where there was greatest tourism potential in Benguel province.

Ricardo, who was speaking at the opening session of the PMAWCA meeting, invited the representatives of the African countries, namely Cameroon, the Ivory Coast and Togo, to visit Lobito to see the tourism potential for themselves. (macauhub)