The Angolan Ministry of Finance will issue a US$1.5 billion sovereign guarantee to secure financing for the construction of the Barra do Dande port, under a presidential decree published in the country’s Oficial Gazette.
The presidential decree includes the granting of rights related to the construction and operation of the port facility, a contract that will be executed by Angolan company Atlantic Ventures in partnership with the management company of the port of Luanda, according to Angolan news agency Angop.
Atlantic Ventures has been awarded the Barra do Dande port concession, which includes licensing, financing, design, remodeling, technical development and construction, as well as equipment, operation, maintenance, management and repair during the concession period.
The area covered by the concession of the new port is a Duty Free Zone and 197.287 square kilometres have been earmarked for investment, which includes protection and expansion zones.
The presidential dispatch said Luanda’s current port facility will not be able, in the short term, to meet cargo stowage and handling needs for national and international trade, as shown by the development of port operations in recent years and traffic forecasts. (macauhub)