Angolan company invests in São Tomé and Príncipe

6 August 2014

The Angolan company Procongec plans to invest nearly US$4 million to modernise infrastructures in the city of Trindade, 7 km from the capital São Tomé, the local mayor announced on Tuesday.

Nelson Carvalho was speaking at the ceremony to lay the foundation stone for the project to modernise and restore the Trindade complex, an event attended by the President of São Tomé and Príncipe, Pinto da Costa, and officials from the Angolan company.

Per terms of a financial agreement signed by the two parties, Procongec is responsible for building new apartments and shops, as well as an auditorium, multipurpose sports pavilion, children’s park, parking lot, washrooms and other such infrastructures.

The work must be completed within 12 months. The agreement also assigns the company the right to exploit 70 percent of the infrastructures to ensure a return on investment.

The start of this Procongec-financed construction project takes place eight days after another Angolan company, Unitel, began operating commercial telecommunication services in São Tomé and Príncipe. (macauhub/AO/ST)