Three Chinese groups to carry out construction projects in Angola funded by the China ExIm Bank

17 July 2012

Three Chinese groups have been chosen to carry out construction projects funded under the terms of 17 agreements totalling US$500 million signed by the Angolan government with the Export Import Bank of China, Angolan newspaper Novo Jornal reported.

The agreements are focused on construction of a number of facilities in Angola, and projects are being carried out by provincial governments. The Chinese groups chosen are Sinohydro Corp, which has been awarded most of the projects, China National Machinery Industry Corp, and China Road and Bridge Construction, which was awarded a single project.

The work, which is expected to cost US$547.5 million, will receive direct funding from the Angolan state of US$54.7 million.

Angola’s Finance Minister Carlos Alberto Lopes noted the importance of these agreements for the country’s development and the vice president of the China Exim Bank, Liu Chen, noted that they showed China’s interest in supporting Angola’s reconstruction process.

The most expensive project, worth US$53 million, was awarded to Sinohydro Corp and is to install and expand the medium and high voltage power grid in the city of Menongue, in Kuando Kubango province.

Sinohydro was also awarded the contract for a US$16.5 million project to build and equip the Saurimo Municipal Hospital, in Lunda Sul province. (macauhub)