Angola takes on loan from Chinese bank for real estate project

25 November 2014

The Industrial and Commercial Bank of China has granted a loan of US$120 million to Angola, to be used to finance a real estate project on the outskirts of Luanda, according to a presidential order.

The loan is intended, according to the order, for the “implementation of the project of the construction contract of the detached perimeter of the Futungo de Belas – Phase I project.”

This is an area of ​​537 hectares, eleven kilometres from Luanda, with three stages of development, which was the subject of a 10-year urban development plan, mainly based on tourist use.

In 2011, at the public launch, the project was estimated to cost US$150 million.

In addition to housing, sporting and tourism and trade facilities, the project provides for the repair and construction of support infrastructure including drinking water, electricity and sanitation. (macauhub/AO/CN)