Angola: Luanda bay project to cost US$135 million

5 December 2007

Luanda, Angola, 5 Dec – The Luanda bay project has already consumed US$50 million of the US$135 million it is projected to cost over the next two years until its conclusion, Catarina Serra, responsible for the project’s communications said in Luanda Tuesday.

With the finalization of works in the sea, including dragging, opening up a navigable channel and, amongst other things, decontamination of the area, scheduled for October/November of next year, the project, which is the face of the profound physical effect on Luanda of the country’s strong economic growth, will then focus on its land-based work.

The project is estimated to be concluded by the end of 2009 and the tender for the land-based work was recently launched. The deadline for proposals is next February.

The urban regeneration of the area is now at the end of the second stage of works in the sea, which includes dragging the channel in the south area of Luanda Bay in order to widen Avenida 4 de Fevereiro road.

Work on the sea area of the project has been financed by a consortium known as Baía de Luanda, SA, which includes a large group of companies including Portuguese bank Millenium BCP and Water Front Corporation, and the promoting company is Belgium’s Dredging International

After the overall conclusion of the project, in 2009, a private investment of up to US$2 billion is due to be applied, which will create buildings for several activities including finance, hotels and housing. (macauhub)