BAI bank approves four investment projects in Cabinda, Angola

7 August 2009

Cabinda, Angola, 7 Aug – Four of the 81 projects presented to BAI (Banco Africano de Investimento), as part of the Cabinda Investment Incentive Fund (FICA), have been approved, a provincial government officer announced Wednesday in Cabinda.

Ana Costa, speaking at a press conference on FICA’s social aims, said that, as well as the four projects already approved, nine were still being evaluated by BAI, 17 were awaiting technical opinions, 16 had been returned for revision and 35 declined because they did not contain viable proposals aimed at developing the province.

FICA is the result of a protocol signed in May 2008 by the provincial government of Cabinda, the BAI bank and the Angolan Finance ministry, and aims to bring about greater competitiveness, boost technical and technological capacity and modernize physical structures.

FICA chose agriculture, livestock, fisheries, trade, construction, industry, services, transport, tourism, the environment and renewable energy as areas for investment. (macauhub)