Government of Angola takes on bank financing for project in Huila province

22 June 2017

The Angolan Finance Minister welcomed the fact that it was possible to use the country’s financial system to raise all the necessary financing for construction of an integrated infrastructure project in the city of Lubango, capital of the province of Huíla.

The project is estimated to cost 35 billion kwanzas (approximately US$212 million) and its financing was guaranteed by Banco de Fomento Angola (BFA), one of the largest banks in the country.

Archer Mangueira, quoted by newspaper Jornal Mercado, was speaking at the signing of the contract by the Ministry of Urban Development and the consortium formed by Omatapalo, a Portuguese-owned construction company based in Huíla, and local contractor Imosul.

The work will take 36 months and include a road network of 100 kilometres of integrated infrastructures, which will include a ring road, dredging of water lines, improvements in energy supply, water distribution network and construction works, as well as landscaping

The minister of Urbanisation, Branca do Espírito Santo, stressed that this is one of the structuring works in her portfolio and added that she was now awaiting the authorisation of the Ministry of Finance to award the contract.

The financing provided by the Angolan Development Bank was obtained by issuing public debt, an operation set up by the Debt Management Unit, an entity under the supervision of the Ministry of Finance. (macauhub)