Angola’s new state-owned land management company Empresa Gestora de Terrenos Infra-estruturados (EGTI), will be financed using 1.240 billion kwanzas (US$7.4 million) raised by issuing Treasury Bonds in national currency, under the terms of a presidential decree.
The presidential decree authorising the finance minister, Archer Mangueira, to issue, through the National Bank of Angola, said the financing will enable EGTI “to fully implement the objectives for which it was created.”
The Angolan government justified the creation of EGTI in March 2015 with the need to carry out a “more rational and economic process of urbanisation” in the country, according to the presidential order for founding the company, with an initial capital stock of 2 billion kwanzas.
Portuguese news agency Lusa reported in March that EGTI was expected to post turnover of more than US$770 million just by selling land in two towns built from scratch in the province of Luanda, namely 974 plots with infrastructure in the new cities of Kilamba and Camama.
In March, EGTI was awarded management of the land with infrastructure in the city of Sequele, also in Luanda and 20 other real estate developments in various parts of the country, as well as an extensive area of high real estate potential in the Sambizanga area, in the centre of the Angolan capital. (macauhub)