The Angola Sovereign Fund plans to invest US$180 million in building the first deep water port in the country, a project to be developed in Caio, Cabinda province, according to a statement issued in London on Tuesday.
Construction of the port will be in two stages, the first of which will build a 630-metre long terminal, connected to shore by a 2-kilometre bridge.
The statement said that the access channel will be 15 metres deep and the terminal will have a depth of 14 metres, and the port will feature a modern shipyard, dry dock, an industrial zone and a duty free zone.
Saying that this investment will create 20 000 jobs and add value, the President of the Fund, José Filomeno dos Santos recalled that, “investment in the industrial sector and trade support infrastructure in the sub-Saharan region has shown high rates of return and resistance to risks associated with countries in Africa.”
Dos Santos stressed that investing in maritime infrastructure and logistics and industrial support in Angola makes it possible to diversify other investments in international financial markets in the portfolio of the Angola Sovereign Fund.
Financial news agency Bloomberg reported that the Export-Import Bank of China will provide a loan of up to US$600 million to be invested in the construction of this port, whose works are being developed by a Chinese construction company.
In the same statement, which shows the status of its portfolio of investments in the second and third quarters of 2016, the Fund said that on 30 September 2016 its assets were valued at US$4.755 billion.
Of that amount, US$1.833 billion was invested in securities and currency, US$1.179 billion in income assets and the rest in various funds, including infrastructure, forestry and agriculture. (macauhub)