Banking syndicate finances dam construction in Angola

13 June 2017

Angolan bank Banco de Negócios Internacional led the banking syndicate that granted a loan to the Ministry of Finance in kwanzas to the equivalent of US$400 million by issuing Treasury Bonds for up to 10 years, the bank said in a statement issued on Monday in Luanda.

The first tranche of 18.161 billion kwanzas (about US$97 million) was made available by Banco Millennium Atlantico and Banco Angolano de Investimentos, for the Laúca hydroelectric project under construction on the River Kwanza.

The Lauca hydroelectric project, construction of which began in 2012, covers an area of 24,000 hectares, including its reservoir. It has a projected production capacity of 2070 megawatts and is the largest civil engineering and energy project in Angola. Its estimated cost is US$4.5 billion.

The cost includes construction, production, supply and commissioning of the power transmission system from the Kwanza River, where the 960-megawatt Cambambe dam and the 520-megawatt Capanda dam are also located. (macauhub)